The end result of the 1982 AT&T breakup was that one of the RBOCs eventually ate AT&T. In 2005, SBC purchased AT&T for $16 billion. After this purchase, SBC adopted the better-known AT&T name. The executives who thought that they were better off staying with the long distance company since it was going to have better ratios made a massive mistake. As Warren Buffett has said: “When we see a moat that’s tenuous in any way — it’s just too risky. We don’t know how to evaluate that. And, therefore, we leave it alone.”
I started in New England, went over to Chicago, down to Austin, and then spent weeks going from Austin to LA to San Francisco to Portland and finally to Seattle. It was one of the greatest trips ever. I took the train you were talking about with the observation room, and had one of the best dinners of my life with 3 other strangers in the dining car (all of us were traveling alone, and they seat singles together at one table). Three of us were young college kids, and then an older gentleman. We talked for hours- about youth, the world, everything.