Another thing to think about is supply of similar investments. DL and NW going public at rich valuations is going to create a much larger supply of airline stocks for investors who like those types of risk/reward. Makes the demand for any individual stock within that class of investor lower.

The question is: what do you know about CO that you think most investors don't yet know? If you personally believe in CO and aren't putting more than a small percentage of your portfolio in it, have at it. If your horizon is more than 5-10 years, the real game is just being in the equity markets in as broad a selection of stocks across countries as possible and only trying to play guessing games with a very small percentage of it to satisfy your lottery ticket desires.

I always advise people with long horizons to seek put as much as possible in Exchange traded indexes like the MSCI's that replicate the world's holdings, and leave 5-10% for play money and making 'bets' on what their conviction tells them.