The US Air Write-Down

In 1989, Richard Granson invested $358 million on a 9 and 4% preferred stock of US Air. He says he was so beguiled by the company's long history of profitable operations that he overlooks crucial point. In 1990-1994 period, US Air lost an aggregate of $2.4 billion, wiping out its book equity. "We will heed a prime rule of investing: You don't have to make it back the way that you lost it"