IMHO - The days of airline executives showing off their cahonnes with the number of aluminum birds, slots or destinations is over and one that AC never really got involved with (except for it's forced marriage with CP and a profitable investment in CO in the early 90s.) Even AC, with the incredible growth in the Canadian population and economy and it's connections to the world, still viewed most of their fleet acquisition in the last 15 years as replacements for the 767s/340s/747s that left the fleet. Going further back, this is the airlines that basically did a 1:1 replacement of DC9s to 319s and 727s to 320s, L1011s to 767s etc.

Buy a loyalty program? An engine overhaul business? -- those are ways to make money in the airline industry. Flying planes, or buying Jet Airways -- not so much.