Right now, ALK seems like a ship without a rudder. They're getting pressured in the north by Delta. They're getting pressured in the South and Hawaii by Southwest.

Every other airline is making big steps in growth. Southwest wants 25% in 3 years. Frontier just ordered 130+ airframes.

What is Angle Lake's plan? I'm not seeing it. All they've hinted at is a mild restructuring and retreating from markets. They're walking away from the premium transcon market. They want to "reinforce" the destination network from SF and LA, but they're way too slow to market and Southwest is going to eat their lunch.

The airline industry is and has been feast and famine. Right now, it's feast time. And Alaska seems dead set on missing this window, losing market share, and squandering the benefits of the acquisition.

Help me feel better about this. Where's the big order?