Stelios, as always, is unable to resist any opportunity to talk down his own company and is obsessed with 'consolidation' in order to get his hands on the big money when dividends start in 2012. He perceives money spent on aircraft as money coming out of that dividend. Personally I do not accept that characterisation but there you have it
In that case your argument is mistaken. Stelios owns 38% of the company or something along those lines?
Excluding special situations such as takeover bids, there are only two ways that a shareholder can make money from current profits in their holding:
One is that the airline pays a dividend, an income for the shareholder; or it engages in share buybacks which is essentially a tax-free way of paying a dividend - by reducing the shares in issue, the profit per share increases, as should the value of the share.
The second is that the airline makes the profit, retains those earnings which increases the value of the company. The shares should (but may or may not) rise to reflect that and you can take a capital gain.
Your argument implies if you endlessly repeat a formula then the losses and profits to dates will similarly multiply up. It takes no account of diminishing returns and the marginal cost of production.
To date, over the last 10 years, 5 years, 1 year and 6 months Easyjet has now underperformed the FTSE 100. It's an even worse performance against the FTSE 250. See for yourself if you find that hard to swallow. He would've even been better off sticking the whole lot in a current account or even a hole in the ground for the last decade - or indeed any of those other timescales - as his shareholding has seen a capital
loss (not just a slower rate of growth than the benchmark) and no income whatsoever at any point. But hey, if you also had £600 odd million too I guess you wouldn't expect it to grow or pay you interest - so keep shouting the him down.