Earlier quoted context omitted.
Exactly. And given what excessive leverage did to the world's financial markets not so very long ago, I think relying on that kind of leverage again in this market is crazy.
So if my business relied on airfreight I am leveraged by the airlines, the airport owners, the aircraft makers, the pilots unions, the oil companies .... So logically anyone who wants to ship a physical product should start by developing their own oil well and aluminium ore mine.
And indeed, if your business depends on airfreight you will also be strongly coupled to the destiny of that part of the industry. There's no need to develop your own oil well, but to have a vision about alternatives is a good thing in that case. Branson's Virgin sells records. And airtravel. And Mobiles. Would he have survived by betting exclusively on Sony MiniDisc ?