Yes I'm with you. The worry for me is the loyalty program has...

Yes I'm with you. The worry for me is the loyalty program has been making less money over the last 2 years, I'm sure the lack of travel has had something to do with that but I was expecting the loyalty program to keep producing the same profits. I have a hard time believing they will be able to return to profit quickly after re-opening and they have a lot of debt to service going foward.

One of the things about the market at the moment is there is way too much money going around, QAN might be attractive at a lower price but because there is so much money no stocks are cheap and valuations are really optimistic. QAN is trading at around a 20% discount to their pre-pandemic price which is just laughable really given they've piled on debt, restructured and reduced capacity and all the uncertainties with re-opening and what that looks like.