RE:Time to buy ONEXBetter do your homework. Westjet's return on capital decreased from 15.3% in 2015 to 5% in 2018 before they were taken private last year. Westjet's expansion strategy was flawed. Executive turnover was excessive. At the same time, Air Canada's return on capital increased from 11% in 2013 to 15.5% in 2019. Air Canada achieved the 2019 return on capital despite the fact that 9% of its fleet was grounded and besides the added costs associated with the grounding, the airline was unable to fly its targeted capacity.
As for COVID19, this too shall pass.