DUAVF - Bombardier Medium Sized Jets Pulling Through Supports General Aviation Thesis

• We continue to follow the business and general aviation market carefully because of our Dassault Aviation investment, which we believe to be a far superior investment.
• Bombardier is one of the largest private jet companies in market share, and this is thanks to its great catalogue of large cabin private jets.
• While they are some of the best in terms of large cabin jets, and that's what drives earnings, the medium-sized jets are showing strength which is a positive outlook.
• This is consistent with our thesis that the rich will invest in private jets in order to maintain security and quality of life where the commercial aviation experience is terrible due to the pandemic.
• We think that the entire private jet market is going to take permanent share from commercial aviation, and that consolidation is possible with undervaluations clear.

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