The Strength of Earnings Since the COVID Lockdowns

Since March 2020, we've seen earnings prove remarkably robust all time highs on the S&P 500 and in Europe. But when you actually look at the balance sheets, these airline companies have issued a tremendous amount of debt as well as new shares. How does that change the risk reward to shareholders in the long term? I'm not sure I have a very good answer to it. We're in an economic recovery. Many people have got cash in their pockets because they haven't been out spending. The cost of fuel has gone tremendously up; labor might only be a Porsche now. There's some risk there but yeah, this stock is much more indebted.