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Show Notes

[00:03:12] - [First question] - Why airlines have such a bad reputation with investors

[00:04:20] - An overview of Ryanair and its size and scale today

[00:05:43] - Unique characteristics about Ryanair’s business model that distinguishes them from their competitors

[00:06:59] - How much overlap there is between Ryanair and Southwest Airlines

[00:09:10] - What keeps customers coming back to Ryanair

[00:10:49] - What else stands out about Michael O’Leary that is key to Ryanair’s success

[00:12:16] - Michael O’Leary: Turbulent Times for the Man Who Made Ryanair

[00:14:22] - How Ryanair’s business model has evolved against cycles and opportunities

[00:19:29] - What else goes into their cheap seat cost structure

[00:23:10] - Approaching labor in light of a unionized industry and workforce

[00:28:07] - The cyclicality of margins and how theirs look compared to their competitors

[00:33:47] - Interesting data on airplane utilization and dynamic pricing

[00:36:40] - What’s contributing to the lack of growth at easyJet

[00:37:52] - Ways low-cost providers hold up in recessionary periods

[00:39:19] - How much of their margins are translating into free cash flow

[00:42:37] - The risks to Ryanair’s growth as a shareholder

[00:44:00] - Industry responses to cycles and recessionary environments

[00:46:31] - The main takeaways from Ryanair that could be applied elsewhere