Subject: Re: Mungofitch Counterintuitive
skipping airline stocks is never such a terrible idea : )

Mr Buffett in 2007 (before he bought into a bunch of airlines, yet again, and lost money):

Some time in the late 1990's when we just over $100k invested I had a meeting with a Morgan Stanley broker for an assessment of our portfolio. Which was mostly TMF screen stocks.
He looked it over and said "This is a perfect set of holdings, there's nothing I could do for you. Except for this one thing. A thing that everybody does until they learn."

I had a glop of United Airlines.
"He said "Everybody buys airlines because on paper they look good. And everybody learns their lesson sooner or later. You just haven't learned the lesson yet. Never ever ever buy airline stocks. That's the lesson and that's the only thing wrong with your portfolio."