As the last decade came to a close, a new bit of conventional wisdom appeared: The fractional-ownership model cannot be sustained. Whereas fractional ownership had helped fuel the business aviation boom by putting a lot of people into aircraft for the first time, the financial travails at NetJets, critics said, was evidence that many of those people weren’t really qualified to own even a fraction of an aircraft. Rather, it was said, they were betting on a continuing escalation in values ...

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