WIZZ KID. Veteran aviation investor Bill Franke is hedging his bets on a full Covid-19 recovery. The 83-year-old Texan has sold roughly half his 17.5% stake in low-cost London-listed carrier Wizz Air for 400 million pounds. Taking money off the table now is illustrative. Of Europe’s aviation stocks, Wizz Air has weathered the coronavirus storm the best, trading at 25% above its pre-virus levels this month. Rival Ryanair is next, up 10%. Uncertainties about the pace of Europe’s vaccine rollout may be prompting Franke to trim his exposure. The former America West Airlines chief executive still has plenty of skin in Wizz’s game. Besides his remaining 8.5% stake, he holds bonds that could convert into 17.4 million shares. That’s plenty of exposure to an industry that remains largely grounded. Still, the fact that a veteran aviation investor is lightening the load suggests the easy money in recovering airline stocks has already been made. (By Ed Cropley)