Nothing big going on - if the guy is freaking out, it's because his upgrade has been pushed back for a good while because of the age 65 change coupled with reduced growth this year, that's all. Fuel hedges have been gradually trailing off for years, SWA just announced another 500 million in stock buybacks (1.5 billion now over the last two years), and SWA is rock solid financially. We could potentially just barely break even this quarter or next since we just blew our entire annual advertising budget over the last three weeks with this be more productive thing.

His expectation of a 5 year upgrade just jumped to about 9 or 10, that's probably what he's freaking out about. All that goes out the window if growth ramps up again, which would mean 6 or 7 year upgrades.