One of the world’s savviest investors is placing the biggest bet of his career on the future of the commercial aircraft industry. In agreeing to pay $37.2 billion for specialty metals and parts supplier Precision Castparts, Berkshire Hathaway CEO Warren Buffett signals his confidence that demand for large commercial jets will continue to outpace global economic growth. The Aug. 10 deal would be the largest aerospace and defense acquisition ever, double the size of United Technologies ...

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