Over the last year or so, we've heard some long theses on logistics companies, especially trucking companies. Now we have a short thesis on a cargo airline.
At the 2024 Sohn London Conference this week, Edgar Allen of High Ground Investment Management LLP presented his short thesis for a Canada-based Cargo company. Allen started High Ground in 2019, prior to that he was a partner at Naya Fund and TCI (The Children's Investment Fund)
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The good
He launched into his presentation by saying that those who don't know anything about cargo airlines might think they are "terrible" businesses. Allen noted that they're undifferentiated, commodity, and unbranded, and their industry has low barriers to entry.
Additionally, he said
