Trying to understand a nation’s economy is not easy. There is so much to absorb. Whenever I feel unable to get my head around any particular matter, I try to reduce it to the raw basics of my own household economic management. It works most of the time although some aspects of a national economy go beyond simple household finances. Even so, there is much in common. So, with that in mind and fresh from hearing the news that Qantas boss Allan Joyce had gone to Canberra to ask the government to act as guarantor for some restructuring, I sat down and had a think about it. Firstly, I listened to someone I thought might have some idea of the relative merits of investing in the airline industry. It did not take long to realise that it is a tough place to make money.

Warren Buffett has a few opinions