The Importance of Following the Fundamentals of the Business

I do think that the airline industry in the US is rather healthy. It's not 35% margins, but I think it's realistic to think that some of the big airlines like Delta can achieve double digit margins consistently. You'll have shocks every couple of years. That's inevitable. But if you look over the course of it's a good, you know, a great way to say it is, if you look for the first decade of the 2000s, absolute nightmare, bankruptcies, constant losses. We haven't even talked about some of the competitive dynamics internationally,. Some of the competing airlines went bankrupt abroad and things like that. A lot of reasons planes are much more efficient than they

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