That is a good point, the markets always look ahead; the market...

That is a good point, the markets always look ahead; the market and the economy are not the same thing. So, taking that thinking you could make an argument that market is pricing in a future that has Qantas surviving, taking increased market share (due to Virgin faltering) and having cash (through dilution) to whether Covid.

However, you could make an argument that is not fully pricing in unknowns. For example, perhaps we will start to see the job loses bite into harder into business and personal interstate flying than currently predicted? We have a few weather events, success in remote commuting, higher commercial rents, etc.?

My point is that you highlight that the market is looking forward and pricing what is sees. Perhaps right now that is rose coloured glasses in effect. This sector has to be one that is vulnerable to bad news. For that reason, I don't think buying is a good idea. Not suggesting ppl sell, but take an objective view of risks rather than just assume the price as a floor.