03-Aug-19: I attended the Pinnacle Investment Summit last Wednesday (July 31) where Firetrail presented. In the livewire article linked to below, you'll see much of that presentation, which centres around QANTAS and why they were a great investment in 2014 when they were almost universally hated, and why Firetrail believe there is still material upside in the stock today.
https://www.livewiremarkets.com/wires/why-uncomfortable-stocks-are-often-the-best
Disclosure: I do NOT hold QAN shares, but never say never. Even WB has changed his tune on airlines over the years, from suggesting that shooting Orville and Wilbur Wright out of the sky on their maiden flight would have been an excellent outcome for investors and could have saved billions of lost capital over the decades since - to now seeing them as viable investments - see here. I remain unconvinced - so far - that an industry as capital-intensive as the airline industry is - is the best place to invest my hard-earned.