JudJudy Spinner, founder and COO of BlackBird Financial LP, has highlighted that transformative technologies like the railroad, the automobile, and the internet tend to destroy investment returns due to intense competition and intense competition. The railroad was the defining technology of the 19th century and a graveyard for investor capital, expanding its network from 9,021 miles of track in 1850 to 163,597 miles by 1890, but the investors who backed them earned a disappointing return. The automobile industry saw significant growth, but its shares fell by over 80% by 1910, leading to a loss of over 7,500%. Despite this success, commercial aviation had a disappointing impact on investors, with the airline industry losing nearly 100% of its shares. The article also mentions the impact of commercial aviation on American mass media for three decades.