EIBUD, The points you make have merit.
However
While we read that Ryanair may suffer in the times ahead due to unhedged fuel and harder times, I think that competitors beware
The Ryanair view is that prices will drop below $100 by end 2009
http://www.ireland.com/newspaper/bre...breaking65.htm
They are in the minority with this view ( Goldman Sachs et al predicting $200 in the short term). O Leary is taking a big punt here.True he has cash reserves, but they may disappear quickly if oil keeps rising and he remains unhedged.
For Ryanair it will end up one of the following
a) spectacularly great or b) spectacularly bad
People thought he was crazy post 9-11 with his purchases from Boeing - it proved to be good business.
Personally I think that this unhedged fuel position will be his Arnhem.