Bottom of p.7, 4th edition with preface by Warren Buffett. But note the full quote:'It is commonly accepted today that the cumulative earnings of the airline in

Bottom of p.7, 4th edition with preface by Warren Buffett. But note the full quote:'It is commonly accepted today that the cumulative earnings of the airline industry over its entire history have been negative. The lesson Graham is driving at is not that you should avoid buying airline stocks, but that you should never succumb to the "certainty" that any industry will outperform all others in the future.'