There's a difference between retirement money and fun money. I have all my retirement funds in index funds and do not mess around with my future. But once all those bases are covered and you have some extra cash lying around? Have fun in the market. Airline stocks are extremely cheap right now, compared to where they were about the end of the first quarter. What has changed, really, since then to support an almost 30% drop in value?

I don't think anybody is recommending putting a UAL position into their PRAP. In fact, it's not allowed to do that.