Originally Posted by JamesBond

No, I definitely see that as advantageous. What I don't understand is why it is not MORE advantageous than is reflected in enterprise value. Institutional investors, while mostly having a herd mentality are not stupid. DAL trades in a $5 channel.. has for months. If, as you say, the fleet makeup is advantageous, and we can draw down gas guzzlers easily whereas UAL and AAL are running up debt with new airplanes, why is that not reflected in value? Your argument makes no sense when comparing legacy airlines. We have (something like)$4B in debt. AAL has close to $30B and a highly leveraged fleet. Oil is going up and Wall Street doesn't see the difference. Makes zero sense.