AAWW
Atlas Air Worldwide Holdings, Inc.
stock NASDAQ

IMO, it isn’t to invest in the high CapEx companies.
Look at the cash flow.
Who are they spending that capital on?
Take Amazon for example;
They are engaged in new contracts with OSK (airport equipment for Prime Air), FDX (freight, bulk, and deliveries they can’t otherwise do in 2 days or less), and AAWW (who wet leases basically *all* of AMZN’s aircraft).
Regarding the last point; wet lease contracts can be a bit confusing to folks not in the aviation business.
Basically, AMZN owns the airplanes, but *none* of operating certificates, equipment, staff, pilots, or facilities.
They cover AAWW’s operating expenses, pay their staff, add a bit on top for profit, *and* provide them fueled aircraft (the “wet” portion) in return for operating under AAWW’s airline license and insurance. But AMZN doesn’t operate their own flights (matter of fact, they are forbidden from doing so as they aren’t a licensed air carrier).

IMO, it isn’t to invest in the high CapEx companies.
Look at the cash flow.
Who are they spending that capital on?
Take Amazon for example;
They are engaged in new contracts with OSK (airport equipment for Prime Air), FDX (freight, bulk, and deliveries they can’t otherwise do in 2 days or less), and AAWW (who wet leases basically *all* of AMZN’s aircraft).
Regarding the last point; wet lease contracts can be a bit confusing to folks not in the aviation business.
Basically, AMZN owns the airplanes, but *none* of operating certificates, equipment, staff, pilots, or facilities.
They cover AAWW’s operating expenses, pay their staff, add a bit on top for profit, *and* provide them fueled aircraft (the “wet” portion) in return for operating under AAWW’s airline license and insurance. But AMZN doesn’t operate their own flights (matter of fact, they are forbidden from doing so as they aren’t a licensed air carrier).