Boeing makes safe aircraft, and the data supports it: Gabelli's Tony Bancroft

Let’s get some reaction from Tony Bancroft, the Boeing shareholder and portfolio manager. Gabelli funds. He manages the Gabelli Commercial Aerospace and Defense ETF which has Boeing as its second largest position. That would suggest Tony that you are confident that that Boeing is a place to be, a place to put money and is creating, building safe aircraft. Thanks Tyler. It’s great to be back. You know Boeing is one of our large positions in our Gabelli commercial airspace and defense ETFG CAD. I think I think the bottom line up front is the the the customers most impacted the people most impacted and most exposed to the safety of of Boeing aircraft are you know are are the airlines and they as we’ve seen with United this morning and and other airlines making comments that they you know they can’t buy enough they can’t buy enough Boeing aircraft Max 787777. The the the FAA and Boeing went through a process in 2020 to 22 to work on this this this gap issue and the the fit up the fit up force that they had the hearing on this morning and and I think they came up with a solution and you know those planes are flying perfectly fine and in in general aviation is is still the safest form. Aerospace is still the safest form of travel and you know the FAA is has not had a crash related death since 2009 with the Colgan flights. That’s the 9:50 to 12:00 the FAA FAA aircraft, FAA, FAA aircraft since 2009 have haven’t had a crash related fatality aircraft because so back of the 737 Max eights that did crash right so the 7:30, so the FAA is all aircraft the the fleet of aircraft that fly within the United States. So it’s the goal, it’s the gold standard of travel, of trans, of transport, right as 10 to 12 billion people. Haven’t you have had safe flying in the last 15? When you hear a whistleblower or the testimony like you heard there, how do you process it? How do you put it into the algorithm that that that brings you to an investment decision about a company, Is it, do you look at it as an isolated opinion, do you look at it as well How, how do you process it? I mean I’d say again that this the testimony that happened this morning particularly with the the engineer and the QA personnel talking about the 777 and the 87. You know those two aircraft have some of the foremost you know safety safety records you know in in history in commercial travel and cargo travel the the plane’s been the workhorse. Those two planes have been the workhorse throughout throughout COVID. You know the F787 was was flying multiple type of flights throughout that time and I just I, I think you know Boeing makes they make safe aircraft that’s just the reality of it and I think the data is is pretty much proven that have you heard much in your channel checks about how the public feels about flowing flying Boeing because you know there are means circling out there about you know concerns surrounding safety and people not wanting or you know discovering that the plane that they have a ticket for is a Boeing aircraft. And has there been any sort of you know boycotting or you know distaste about flying Boeing that you think will ultimately trickle down. You know again 51% of the FAA fleet is a Boeing aircraft right. So in you know 2020 from some percent is only is Airbus. So you’re pretty much going to be flying you know probability states you’re going to be flying in a Boeing plane which you know goes on every day. You know commercial travels up on a year over year basis and I was really close to pre pandemic pretend pandemic levels and I just think that you know people maybe might focus on this is sort of like the the whiteboard the the huge whiteboard that’s perfectly clean except a little black dot but the reality is is that we’re flying safely every day you know and and the airlines and Boeing are doing I take your point that that that Boeing is building safe aircraft but the one where the door blew off was not a safe aircraft. Sure. And you know you know statistically incidents are going to happen unfortunately in this case and thank goodness nobody, no one died or was was was was injured in any, any amount that you know that I think things happen. I mean it’s aviation of course aviation and and putting together complex planes that are highly variable is you know it’s part of the manufacturing process and there are going to be, there are going to be errors. And I think Boeing has been focused on that. And I, you know, I think as the FAA is just just put out that they’re going to be focused going forward and and they’ll come to a resolution to to you know moving forward.