Buffett on killing Wright Brothers - source: 2007 Berkshire Annual Letter

Buffett’s most violent investing quote: The best thing anyone could have done for investors was to shoot Orville Wright out of the sky.

That was actually in his 2007 letter, and he wasn’t kidding. Aviation changed the world and paid its investors less than nothing through all its history.

That flight was important, sure. It mattered a lot. But “mattered” isn’t the same as “paid.”

Every AI bull argument today is an argument that the technology matters. So were all the pro-aviation, telecomm, fiber and solar arguments. All four of them were capital graveyards.

Never was the question “will AI change the world?" that separated the winners. It’s a question of where the spread lives.

More in-depth explanation: [*https://open.substack.com/pub/sharmakshit/p/growth-was-the-accelerant?r=2upvyp&utm\_campaign=post-expanded-share&utm\_medium=post%20viewer*](https://open.substack.com/pub/sharmakshit/p/growth-was-the-accelerant?r=2upvyp&utm_campaign=post-expanded-share&utm_medium=post%20viewer)