The tablets containing the Ten Commandments that Moses picked up on Mt Sinai were pretty generalist in tone, but if he had been issued with another to cover the eternal truths of investment, it would have contained something along the lines of "Thou shalt not invest in airlines, for verily shall they smite thine balance sheet asunder". Any fool knows that airlines are terrible investments, with their thunderous cost base and paper-thin margins, and their tendency to keel over at any fluctuation of the oil price or the exchange rate. And then there’s Comair, which appears to take considerable pleasure in poking the eye of received wisdom and tweaking the nose of Investment for Dummies. Old Rudyard himself could have been thinking of Comair versus the rest of the domestic aviation business when he came up with his routine "If you can keep your head when all about you are losing theirs", so marked is the difference in performance between Comair and the Flagging Springbok. Comair has no...

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