Yes I remember that well. I bought some myself. The company...

Yes I remember that well. I bought some myself. The company balance sheet was much healthier then, despite the operational challenges at the time.

But we're on the extreme opposite side now. An utterly overvalued bubble, propped up by the dumbest buyback in history, a negative book value (yes - negative!) and a brand that has been dragged through the mud.

It was actually a former uni colleague of mine that advised Qantas to create the Jetstar brand when he was a consultant at Boston Consulting Group. Bruce then became Jetstat's CEO. The idea was that the low-cost brand should be different to not tarnish the premium Qantas brand. Years later the Qantas brand has been so damaged under Joyce's stewardship that it really makes no difference anymore.

Like I keep saying, this is the best short on the ASX. I still hold around 20k positions open and am trying to be patient to wait until they're close to burning most of the $400m allocated to prop up the price before increasing my exposure substantially because it's obvous where the share price will go afterwards. The only risk in waiting is missing out on more falls in the meantime as global markets keep suffering from bubble territory themselves as interest rates keep going up.