Discount air service NewLeaf celebrated its inaugural flight from Hamilton, Ont. Monday morning, adding some competition to the Canadian airline market.

But even as Canada’s friendly skies become more crowded, one portfolio manager says he still wouldn’t consider investing in airline stocks, regardless of the company.

“I think airline companies are possibly the worst investments in the history of capitalism,” Dennis Mitchell, senior vice president and senior portfolio manager at Sprott Asset Management, told BNN. “They are just horrible, horrible, businesses.”

Mitchell said this is because airlines run a commoditized service with no pricing power and often operate with a unionized workforce.

He also said there’s a reason most developed nations have one main airline, with a rotating series of competitors.  “It’s because air travel is almost a public good, meaning you almost want the government to provide it to everybody at a fair price.”