The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.


2007 Chairman's Letter - Letters to Shareholders (1957 - 2012)

Warren Buffett Quotes

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think...

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think...

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think...

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think...