The Stock Market Is Not Changing the World, but It Will Change the World

The key to investing is not assessing how much an industry is going to affect society, but rather determining the competitive advantage of any given company. To day, the grap which will link to in the show notes, shows the stock price performance of the leading company in an industry that was thought capable of changing the world. In the 19 twenties, it was expected to change the world, and it did. But from its founding through 19 92, the cumulative profit of the airline industry was zero. It makes one wonder whether investors aren't again over paying for the ability to change the world.