Meet Ted Vallas, who may be the world’s oldest airline entrepreneur. His life story is fascinating and inspiring. While almost everyone his age is retired, he is starting a new airline. In the United States and of all places, in California. He may be one of the most remarkable people in aviation.

Meet Ted Vallas, who may be the world’s oldest airline entrepreneur. His life story is fascinating and inspiring. While almost everyone his age is retired, he is starting a new airline. In the United States and of all places, in California. He may be one of the most remarkable people in aviation.

As I'm sure has happened to many other writers, my idea for a clever title (in this case, to commemorate the passing of Alfred Kahn) had in fact been used before (at least once). In a July 24, 2007 article in USA Today, veteran aviation industry journalist Dan Reed provides a succinct summary of what many believe is the gentleman's strongest contribution as an economist: "Wrath of Kahn kept airfares low."

If IATA’s financial forecast for 2010-11 turns out to be accurate (see cover story, p. 26), the airline industry just enjoyed a record net profit. So why aren’t more people smiling? Could it be because by the time anyone realized there was a party going on it was already half over? IATA is predicting that earnings will fall 40% next year on higher oil prices, stable yields and more capacity, meaning the up cycle may have peaked in its first year.

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Seventy-five years ago this month, the airplane that laid the foundation for the modern airline industry made its first flight. At a time when the phrase “game-changer” has become a cliche of air show press conferences, it is worth remembering a true game-changer.