Clearly there are major current issues in O&G and the leasing business with a lot of excess aircraft inventory.
Nowherespecial mentioned diversification and certainly that is desirable but it seems to me that there is excess capacity in many sectors - EMS in the US for one. One of the things I would like comment on is asset valuation which in many cases is leveraged (quite probably with covenants). At some point one would think that these valuations might be questioned, which will impact many facets of an organizations trading/operational capability. Planned fleet renewal and disposition, finance structures, existing obligations, debt ratios, depreciation expense charges or write downs would all come into play but a bit like leading up to the housing bubble, no one is looking at it or the potential impact in the supposedly healthy areas of the industry.
Acknowledging that there is a difference when considering O&G with medium/heavy twins and everything else using singles/light twins but I don't see how you separate the two in terms of appetite or concern where fleet value exceeds $800m in one case I'm looking at. I would enjoy reading comments from those more in tune with the aircraft market.