There’s a huge difference between making money and spotting a great industry. But I’ll get to that in a bit. First, here’s what you need to know.

• Singapore Airlines (SGX:C6L) produced far higher revenues of S$1.3 billion compared to last year of S$851 million.
• SIA has narrowed losses to S$409 million, down from losses of S$1.1 billion last year.
• Passenger traffic was rose back to 28% of COVID levels. According to management, “traffic should hit close to 50% of its passengers carried before the COVID pandemic.”
• SIA shares are up 27% since Jan 2021. The market is excited.

Now, if you take a look at the chart below… This was how SIA shares traded over the last 20 years — mostly sideways. Source: Yahoo! Finance, Dividend Titan In the early 2000, the September 11 attack and SARS wrecked SIA. But in four short years, SIA shares rose back to its original level....