(Author's note: This article is one in a series of articles I intend to publish over the final two weeks of 2013 in which I will review many of the companies I have written about over the past year in order to give an operational update to readers and determine if there has been any significant change to the original investment thesis. All companies covered in this will be ones I currently hold in my portfolio.)
Willis Lease Finance Corp (WLFC) (referred to as "Willis" for the balance of this article) is a leasing company that focuses solely on aircraft engine leasing. The majority of engines they lease to airlines are used as spares...
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