Investors could do worse than to follow Warren Buffett. In 1996 Berkshire Hathaway purchased FlightSafety International, the leading pilot training simulator business, for USD $1.5bn. FlightSafety’s recurring revenues and dominant market position were what caught Buffett’s eye. Closer to home, we recently stumbled across Adacel Technologies, an ASX-listed air traffic controller simulation and air traffic management software business that is flying under the radar of most institutional investors.