ubs, page-21

Planes and trains already fully funded ?

This seems unlikely. When they order a plane and it takes 5 years to deliver, when do they pay for it ? In installments I would think, with most of the payment around the time the asset is delivered.

Are you suggesting that they have already gone out and borrowed the long term money to pay the supplier for planes being delivered in 2008 and 2009 and 2010 and they just got the cash waiting ? You would not make any money doing that.

If there is a recession, as some people expect now, they may have a lot of trouble renting out those expensive planes. .