I think most people would agree AirNZ is well managed. They were early to make Airpoints sustainable and they are nimble with good fleet and route decisions.

I think particularly since the US major carriers have spent 96% of their cashflow over the past 10 years on share buybacks AirNZ is pretty good. No doubt the US carriers will now lobby successfully and having privatised their profits seek to socialise their losses 😁

https://www.bloomberg.com/news/artic...buybacks-chart