I think that is a bold statement to make. Buisness is Buisness and if I remember right, the fractionals took a beating and all struggled to make money after 9/11 as well. This when private air travel should have been booming because of the security issues. The only difference between NJ and an Airline is that it's Buffet's money not Government money bailing them out.
The fact is that there are more poor people in the world than rich so I think the airlines are very stable.
I think ONE of the weaknesses with the fractionals is PR stuff when global warming legislation comes about. One person on a G5 spewing fuel from JFK to LAX instead of sitting on a 76 will be the type of thing that will be all over the news. Don't get me wrong, it won't destroy the industry, but NOBODY is immune, not even Mr. Buffet. If his industry is hurt, he will hold on loosing money all the way until he is the last frac standing then he will sell, in theory at least.