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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.

As he explained in a 2007 Berkshire Hathaway shareholder letter, "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.

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There are people so poor that the only thing they have is money.

The business of financing is in a poor way. There is no plan found, or scheme digested, for mending our money. There are a thousand projects on foot; but none appears to be taken up on a practical footing.

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