Up until 2004/2005, you could have said exactly the same thing about the railroad industry - given that it was coming off of about 80 years of over capacity/underperformance.   But starting in 2004, the North American railroad industry started to jam through significant price increases, particularly for intermodal and thermal coal.  Which has resulted in almost all of the major rails now sporting healthy EBIT margins and free cash flow  And guess who owns BNSF!

The airline industry is not an exact parallel - no one is going to go out and build a "from scratch" railroad, while any idiot with enough capital can buy their way into the airline industry.   But the three surviving "majors" in the US are now remarkably disciplined, even bragging on conference calls about how they are not adding capacity etc.  (not that Westjet has got the memo...they seem determined to continue to grow organically....).

As for Apple, Warren treats it like a "sticky" consumer products business.