The only thing that has changed at VAH is that they fired the...

The only thing that has changed at VAH is that they fired the management saviour nine months after they hired him. Nothing has happened that warrants an upside. With incredibly low costs and increasing flying hours the best they can claim is positive cash flow (ignoring the fact that they continue to lose money).

I keep my eye on virgin because it is inexpensive but owns half of a protected market. But they can't make any money off it. When management changes then I'll be willing to enter. As long as management stays the same then the strategy remains unprofitable IMO.