Slowplay, ACL, or anyone else ...

What is your take on Qatar, or Emirates, and their plans for growth. Part of the reason I didn't jump is the impression they are inflating a bubble with unsustainable growth. However, I've not dug into their margins, or load factors as they expand.

Informally, a surprising number of international travelers I've spoken with recently have mentioned either having traveled on, or were anticipating their first trips on Qatar. Does the competitive advantage these carriers enjoy as a result of their quasi government sponsorship make them unstoppable, or is their trajectory more likely to the Indian carriers that were growing so quickly just a couple of years ago?