That seems to be the best advice for those wanting to invest in travel companies. And most did worse than the overall market - 17 underperformed their local market. In categories, six out of nine airlines did better than their local market, but only three out of eight hotel concerns outperformed. And in the 'others' category, only two out of 11 outperformed their local market.
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Star performer was low-fare airline Ryanair, where investors would have more than doubled their money. But the airline still faces some legal battles over disputed bills, and may find it difficult to continue profitable growth. That said, it is single-mindedly determined to provide low fares, and that determination may overcome other obstacles. We believe those cutbacks will eventually be seen as a negative move for the airline. Air France is another good performer, still happily adding capacity at the slightly constrained Paris CDG airport, and launching its would-be world alliance, Skyteam.