Vaughn Cordle, CFA

Managing Partner and Chief Analyst

Vaughn Cordle serves as an airline analyst and consultant to various institutional
investors and money management firms in the U.S. and around the world. He
analyzes industry trends using the core competencies of strategy, finance, and
airline economics. Mr. Cordle has over 25 years of experience in the airline
industry and is a CFA Charterholder. He has attended executive education
programs at Kellogg, Wharton, and other business schools, and is considered one
of the leading experts in the airline industry. Mr Cordle is regularly interviewed for
Bloomberg, Reuters, CNBC, BNN, FOX News, Lou Dobbs, and other print and TV
media. He is also a Principal of The Aviation Group and a Gerson Lehrman Group
Scholar.

vaughn@airlineforecasts.com

Member
New York Society of Security Analysts
New York Society of Airline Analysts
Association for Investment Management and Research
Global Association of Risk Professionals
National Association for Business Economics
The National Academies: Next Generation Air Transportation System

Airline Transport Pilot
Gold Seal Instructor / CFII&ME / Flight Engineer
ATP: LR-J,CE500,A320,B727,B737,B747-4,B757,B767 & B777
31 World and National speed records

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"Vaughn spots emerging trends others miss making his economic analysis of the
airline industry unbeatable. Few analysts can match his experience in the cockpit
piloting wide body jetliners for a major air carrier. This background gives him a leg
up on the competition when it comes to understanding the industry."   August 16,
2009

-- Mark W Tatge, Bureau Chief & Senior Editor at Forbes
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" I have known Vaughn Cordle for over 12 years and have worked with him in
various capacities. I respect the excellent work Vaughn provides and his one of a
kind perspective. He is an first-rate airline analyst who provides an independent
view which is timely and refreshing. Vaughn’s combination of industry experience
and analyst  skill set, give him an excellent understanding of the commercial airline
industry."   April 5, 2009

--Ralph Casciano, President & CEO, The AMI Group, LLC
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"I have known Vaughn Cordle for nearly a decade and have worked with him on
various reports and studies. While we do not always agree on every issue, I have
the deepest respect for Vaughn’s analytical prowess. He attacks data with a
vengeance and his insatiable passion for his work allows him to sum up the
smallest of data points into high predictive insights at the firm and industry levels,
always informed by a mastery of macroeconomic theory and current data trends.
What’s so impressive are the various econometric models Vaughn’s firm has build
over time that allow them to move seamlessly from industry to industry. Vaughn is a
highly sought after speaker and media commentator and has become the go-to-
expert and thought-leader for numerous government agencies facing complex
policy choices." March 10, 2009

-- Kevin Mitchell, Chairman, Business Travel Coalition"  
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"Vaughn Cordle is one of the most thoughtful, articulate, savvy travel industry
financial analysts in the business today. He brings a unique perspective to his work
by blending his hands-on industry experience with strong  financial acumen. I
always value Mr. Cordle’s insights into the many issues facing the travel industry. I
would hire him in a New York minute." February 27, 2009

--Michael Derchin,  Airline/Aerospace Analyst ,FTN Midwest Securities
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“Vaughn Cordle is a rare example of an expert number-cruncher who also
possesses detailed, hands-on knowledge of the field about which he makes
forecasts. The combination of his decades of airline pilot experience and excellent
analytical skills makes Vaughn hard to top. I have enjoyed working with him on
policy research projects pertaining to several aspects of U.S. aviation policy.”
March 2, 2009

--Robert W. Poole, Jr., Director of Transportation Policy, Reason Foundation
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“Vaughn is one of the finest aviation forecasters in the business. He has a rare
combination of deep industry work experience, combined with the professional
skills of a CFA. His industry savvy gives him an edge over his colleagues and his
financial analysis is both dead accurate while generating unique, creative insights
about companies and markets. Vaughn is at the top of my list for forecasting,
valuation, risk analysis and strategic and M&A assessment.” February 23, 2009

--Matt Andersson, President, Indigo Aerospace Inc.
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“Vaughn is not only an excellent airline analyst but also has a keen understanding
of the general aviation industry. We have worked together on several projects. I
highly recommend him.” February 16, 2009

--Jim Haynes, President & CEO, The Aviation Group
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"We are very happy that we hired Vaughn Cordle to help us understand the small
jet market and to assist our team in strategy formulation."

-- Keisuke Kamo, Chief of Staff, CEO's Office, Fuji Heavy Industries
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"Vaughn Cordle knows the airline business well.  He has deep industry experience
which combines nicely with his financial and forecasting skills.  Vaughn
communicates effectively, and is a welcome and knowledgeable contributor to the
ongoing debate about how to fix our diminished airline industry." March 1, 2009

--R. L. Crandall, Retired Chairman and Chief Executive, AMR and American Airlines
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“Vaughn, you and your team are to be commended for the consistent quality of
your analysis.” March 2008

--Glenn Tilton, Chairman and Chief Executive, United Airlines
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"Vaughn Cordle was chosen for the assignment because of his excellent track
record, high respect in the aviation community and objective viewpoint."  Feb 2005

--The SWAPA Strategic Planning Committee
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"Vaughn Cordle is a well-reasoned industry veteran and his comments invariably
reflect informed points of view."   

-- Gerald W. Bernstein, Founding Partner, The Velocity Group
 
Recent Interviews
     
Airline Investment Outlook
Jul 17, 2009 FOX
Airlines Reports 1Q Results
                     Apr 15, 2008 BNN
Commentaries