The chart above shows SIA’s stock price from 2007 until today. We can observe that the price stays flat when the economy is good but dips when the economy faces a downturn. This is a typical characteristic of a Cyclical growth company[1]. Cyclical companies, like SIA, may look attractive to some. People who are opportunistic could invest into this company to capture the 5-20% gain when the economy recovers. However, it only provides an avenue for short term excitement and an opportunity to earn a little bit of extra money. However, if round 2 comes[2], these cyclical companies will often experience a drop in their price more than the market as a whole and will subsequently rebound less. Covid-19 and the permanent alteration of the airline industry This will happen because of several fundamental reasons. Firstly, SIA operates in an industry with poor dynamics and is surrounded by strong competition. SIA too, does not have any competitive advantage over its peers....