Us airliness

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Here's a list

of L29 airlines that in the past 20 years lil'q ft'.2"^:kruptcy' liit twice' As of 1992' in fact Continental *o, ,*orr"rnllsl ," *akL that since then - the money that had though the pictwte *o'íilo1'' improued
by all of been made since theá'o*n o¡ Absolutely zero' . . . compdnies tuas zero' rd been at sizing ail tbis wp, r IiL;;;;;;"L that if

**tlo,

this country'sairline

Kitty Hawk in 1e03 when
en.ough. and pwblic-

oruille.\xlright t""tr rif,-i *",rt¿ t .orr'been farsighted capitalists - to shoot him down' spirited enough - I ;;;;; this to fwtu'e damdge to capitalists as I medn, Karl Marx cout,dn't haue r]'one ds much Oruille did.
BERKSHIRE HATHA\íAY \TARREN BUFFETT, CHAIRMAN,

of Janua n As they returned to work at the beginning

executivesof America,s ieading fi;;.;;;.'t.,1.ei." previous six years', ,i."t f."¿ been largely absent formost of the of industry ü"d b.er-r ravaged by the horror Between 2001 and 2005, the followed in its new security measures that September 17, 2007 and thá raft of competitive pres-

?O?1,:t'\lsenior feeling of optimism and joie de uiure

;f.iet fuel' a1d by unprecedented wake, by a tripling i",it;;;;this period' the indus*.,'t'"iit" .,f lo*-to't airlines' ñ.t'ittgsix biggest airlines were sures from n 'r.* of America's try racked up losses .i-S:iüiffi.n and four forced into Chapter 11 bankruptcy' the bt n'"""ing point' For the frrst time since 2000 Yet, 2006 leading carriers "pp.nttJ'o only two of the industry made a p.onif"ifttit n '-dl Át¡'.while out ot followed uS Airlines reported losses(see,lir.:.i1. united Airlines North*.stern still in chapter 11. Even the bankruptc¡ leaving ";;';;;;'",rd
Copvright O 2008 Robert M' Grant

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