That is true. However, remember BA´s frustrated investments in United and then US Airways.
These were forward looking at the time but the only one to come to any sort of satisfactory conclusion was KLM´s investment in NorthWest. It should be said that all were limited to 25% of capital so could not make a big impact in the companies concerned.
Also remember the setting up of Virgin America. Here SRB not only were his companies (the Virgin group) not allowed to have a shareholding greater than 25%, but also he, and his group, were prohibited from having any sort of management role in the new airline.
So Virgin America is basically a US airline which licences its name from the Virgin group.
Is this a level playing field?