Now what are we doing in terms of acquisitions in this position specifically? So far this year, we’ve continued to focus on where we think we have an edge and where we have a different viewpoint, and in general looking at ROEs that are, as I said before, in the mid-teens or higher. As of June 30, we invested $0.5 billion and we had commitments to invest 200 million more. That was our target at the beginning of the year, so we matched that. We continue to see opportunities, but I think it’s going to be one of those markets where the opportunities will kind of ebb and flow, and we’re patient.We have no new order stream aircraft left. So everything we’re going to do here is voluntary and only if we really get convinced about it. At the moment, I don’t think it’s a good time to buy new aircraft on spec, for two reasons. Placing the aircraft is more difficult, and rentals are lower, and I think the financing risk has never been higher. And I don’t think there’s any impetus for the manufacturers to give anybody a good deal right now. In terms of what we bought, it’s been basically about half new and half mid-aged or older, and we continue to see kind of that kind of mix in terms of our investment flow. In terms of dispositions, for the same reason, I think it’s a good time to buy, it’s a bad time to sell, particularly if you don’t have new narrow bodies, which we don’t. What we’ve been focusing on this year in terms of our sales efforts has been in exiting classic generation aircraft, because I think they’re basically on the way out, and that’s what we’ve done.
Aircastle CEO Presents At Deutsche Bank 2nd Annual Aircraft Financing & Leasing Conference (Transcript)
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