Qantas has some hi-profile friends today. The collapse of oil...

Qantas has some hi-profile friends today. The collapse of oil prices overnight is welcome news, although we know little about Qantas' current fuel hedges and their prices. Which will dictate the benefit.

The air fare index is edging up, and the falling $A, - expected to fall more with the weak oil price, - can only help inbound.

One of the fascinations of the market is that when a company share price appears to be going against the prevailing fundamentals, there is always a reason. The price always leads the news that apparently causes it, - is one of those market conundrums.

Qantas surely has the goods to do very well, if it could shake off its management blues. Unfortunately I suspect that its current performance will embed further complacency and bloating in its board and management. It might do well, but could be a world beater with good management. The banks don't mind importing good experienced American management (Bob Joss WBC, Paul Anderson BHP, both of whom performed miracles) so just think what Qantas could be like with a truly good management team.