--- title: "Meaning & Key Takeaway of: As of 1992, in fact-though the picture…" description: "\"As of 1992, in fact-though the picture would have improved since then-the money that had been made since the dawn of aviation by all of this country's ..." image: "https://sms4smile.com/quotes/i/253/warren-buffett-183_airline_as-of-1992-in-fact-though-the-picture-wo_2518394.png" --- # As of 1992, in fact-though the picture would have improved… ![“As of 1992, in fact-though the picture would have improved since then-the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero.” quote by Warren Buffett](https://sms4smile.com/quotes/i/253/warren-buffett-183_airline_as-of-1992-in-fact-though-the-picture-wo_2518394.png) [Download](https://sms4smile.com/quotes/i/253/warren-buffett-183_airline_as-of-1992-in-fact-though-the-picture-wo_2518394.png) [Open image](https://sms4smile.com/quotes/i/253/warren-buffett-183_airline_as-of-1992-in-fact-though-the-picture-wo_2518394.png) > “As of 1992, in fact-though the picture would have improved since then-the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero.” [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Airlines had generated no profit up to that point despite decades of operation. **In simple terms:** Airlines made no money by 1992. Key Takeaway Recognize industry cycles before investing. Themes investment industry analysis profitability history risk Mood cautious analytical Type business financial When to use this quote - portfolio planning - risk assessment - financial forecasting Key Concepts Economic cycles competitive dynamics capital allocation Questions to Reflect On - How do you evaluate sectors with long loss periods? - What indicators signal a turnaround? A Different Perspective Airline profits later improved, showing timing matters. ★ ★ ★ ★ ★ No ratings yet [Airline business](https://sms4smile.com/quotes/about/airline-business/) [Aviation](https://sms4smile.com/quotes/about/aviation/) [Company](https://sms4smile.com/quotes/about/company/) [Country](https://sms4smile.com/quotes/about/country/) [Dawn](https://sms4smile.com/quotes/about/dawn/) [Facts](https://sms4smile.com/quotes/about/facts/) [Money](https://sms4smile.com/quotes/about/money/) [Plane](https://sms4smile.com/quotes/about/plane/) ## Related quotes > [Today, we have private airline companies, but if you take a look at a Boeing plane next time you travel, you'll see that you…](https://sms4smile.com/quotes/noam-chomsky/today-we-have-private-airline-companies-but-if-you-take-a-look-at-a/) [Noam Chomsky](https://sms4smile.com/quotes/author/noam-chomsky/) > [If the Wright brother were alive today Wilbur would have to fire Orville to reduce costs.](https://sms4smile.com/quotes/herb-kelleher/if-the-wright-brother-were-alive-today-wilbur-would-have-to-fire/) [Herb Kelleher](https://sms4smile.com/quotes/author/herb-kelleher/) > [I was never, ever interested in becoming a businessman or an entrepreneur. 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What's needed is a sound intellectual…](https://sms4smile.com/quotes/warren-buffett/to-invest-successfully-over-a-lifetime-does-not-require-a/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [“Be fearful when others are greedy, and be greedy when others are fearful.”](https://sms4smile.com/quotes/warren-buffett/be-fearful-when-others-are-greedy-and-be-greedy-when-others-are/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.](https://sms4smile.com/quotes/warren-buffett/making-money-isn-t-the-backbone-of-our-guiding-purpose-it-is-the-by/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [We set no volume goals in our insurance business generally-and certainly not in reinsurance-as virtually any volume can be achieved if profitability standards are…](https://sms4smile.com/quotes/warren-buffett/we-set-no-volume-goals-in-our-insurance-business-generally-and/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Everybody's got a different circle of competence. 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