Q: Which of these airlines would you choose given the market downturn and uncertain recovery time in the travel industry? I am looking at buying incrementally into a speculative position over the next six months. I would consider Delta, however USD are expensive at this time. Should that be a consideration?

Q: Hello, Air Canada has been very strong for quite some time. AC's PE now sits at around 13X wheras US carriers are sitting ~7-8X PE. With the risk of oil prices spiking likely sitting at all time lows, the previous "highly cyclical sector" knock on the airline business, seems less of a problem. What are your thoughts on taking a position in an airline at this time? If you were to take a position, which would be your preference in order - and why?

Q: Your wild guess on the take over bid for Transat, and on scale of probability 100% is being certain, that the takeover will go through. If the deal doesn't go through do you think it price will go down to the $ 5 level? How this will be affected by Westjet takeover bid now being challenged by Air Canada. Do you see opportunity of buying either at current prices? Thanks