And it’s a cyclical business. It’s a business which is entirely global. And despite the cyclicality, that performance of the business has been quite good. I will talk about the market, I’ll talk about what we have bought, how we have done over the cycle, our financial profile and where we see things in terms of opportunities in our plan going forward. But it is a distinct -- we have a different investment strategy as you heard and also different funding strategy.So a few comments about the market. I am going to talk about both in terms of long-term and short-term. Long-term the market tends to follow GDP and the relationship over time -- and I mean global GDP to be clear, because these are portable assets and when an aircraft lease is over we look around the whole world and find out where the best demand is. It’s a portable asset. And relationship between growth in air travel, which in turn is growth in aircraft demand and GDP, has been about 1.5 to 2 times. So it tends to grow and to move in the other direction in terms of GDP movement at an amplified way.
Aircastle's CEO Presents At Credit Suisse 2011 Aerospace & Defense Conference (Transcript)
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