PAG wont give two hoots about share price for at least another year, unless it completely tanks. Loss seems totally in line with conditions and current expansion trajectory. Its also quite obvious from the QF loss that the flight credits as talked about earlier are completely distorting the market. That is people are hooked in QF and VA to redeem owed credits, once that dies down over the next year or two the market will be more open to choice. Rex loads over the last year are more indicative of what was left of the real market rather than long term indicators. Which is why rex forward bookings are rising and management are confident.