Which industries to avoid and why?
Airlines - Capital intensive, low roic, strikes, oil price
Banks - I do not understand their dept portfolio and risk
Insurance- tough business, I can not differentiate the competitive advantage of each other
Car manufacturer- low roic, capital intensive (except Ferrari (RACE))
BioTech- too difficult to understand
Touristic industry- (except maybe booking.com or some sort of low capital intensive toll company)