GF agreed about options. But something's that different about this airline cycle is the massive percentage of retirements. Back in the 'go-go' 1980's it was about 80-85% growth and 15-20% retirements. It's going to flip and we're looking at 15-20% growth and 80-85% retirements.
While the guys getting hired 1000, 2000, or 3000 guys into the cycle won't have the careers of the first movers they'll still be upgrading in about the same time(8-12 yrs) at DL and AA because of the retirement numbers. They'll be retiring over 800 guys a year from 2021-2024. 600+ at AA is from 2019 to 2029.
The movement will be slower for a guy hired later in the wave but it won't be as bad as difference as it's been in the past due to the large amount of retirements coming up.