Investing in Airlines

I’m fas­ci­nat­ed by indi­vid­ual investors who think they can beat the mar­ket. Who think they can do research with spe­cial insight, beyond what the pro­fes­sion­als can do.

How many peo­ple who invest in air­lines real­ize that most of the mon­ey they make comes from the points they sell? This is a great exam­ple of how many com­pa­nies, even those that appear tra­di­tion­al may not be the invest­ments they seem.

I believe indi­vid­u­als can invest in indi­vid­ual secu­ri­ties and still invest well, we just have to real­ize that we’re play­ing a dif­fer­ent invest­ing game on the same field (at the same time) as the pros.