"The aviation industry faces a severe shortage of aircraft maintenance technicians due to an impending retirement cliff, which is exacerbated by airlines holding onto older planes longer."

"The bull case presented for Copa Airlines is that it operates as the most profitable airline of scale in the Americas with durable structural advantages, yet trades at a significant valuation discount to less profitable US peers."

"Frequent flyer and co-branded credit card programs provide airlines with a rare switching-cost moat and high-margin revenue."