Technology wins, Investors lose
Initially, railway investors did not see any returns, as they had to make significant investments in laying down tracks and acquiring land. For the first 100 years, no profits were made. However, in the past 24 years, all listed railways in the US and Canada have outperformed the S&P 500. Even the worst-performing railway, Norfolk Southern, saw a 1296% increase compared to the SPY ETF's 316% rise. Like many things in life, the substantial profits came at the end.
"The secret of life is weak competition."
— Warren Buffett
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