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The industry adage is that airlines order aircraft in good times and take delivery of them in bad times.  Timing, as always, is everything.   Ordering aircraft is something airlines do with a long-term view.

This chart shows how the long term book to bill ratio has been tracking. As we can see, 2017 looks likely to go below 1:1. This is a cyclical business and we definitely in the midst of a down swing.

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