Airlines are notoriously bad investments over long-ish time scales, so that may not be the best example. I think for as much as people talk about businesses un

Airlines are notoriously bad investments over long-ish time scales, so that may not be the best example. I think for as much as people talk about businesses undercutting a market to capture it and then profiting from a monopoly position, very few businesses ever make it past the undercutting stage. As wrong as the efficient market hypothesis is about certain things, a great many industries actually do exist in a sort of perpetual state of trying to balance capturing market share with low prices with staying profitable.