For many 2010 has been the year of terrific airline investment opportunities; a complete turnaround on the previous decade when airlines occupied the territory of investment pain. During 2010 stock prices have been buffeted by a wave of consolidation that has begun to take place: BA/Iberia, Southwest/AirTran and United/Continental being the major highlights that have gone through. These deals have helped underscore the fact that much of the airline industry, with the exception of some Middle East airlines, seems to be embracing capacity discipline and is focusing on cost containment. In addition, investors are ostensibly pricing acquisition premiums into some

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