EVERY analyst is expressing concern over the Express business, namely the shift to lower cost, equally reliable service, aka Ground, Freight, etc. EVERY analyst is concerned about the over reliance on the Express side, the fixation of Fred on the air side, and the reality that the Ground/Freight side is the future, fast but “cheaper”. If not for the across the board industry retirements, I would be concerned about joining Fedex, company that has not quite “adapted” to changing trends in the industry. To be clear, Fedex will be just fine, as a company, but they will have to adapt to the vertical integrated model, or it will not go well, only time will tell.