The problem with using that for analysis is that the preface for each presentation is a huge disclaimer that reads that it’s all guesswork and none of it guaranteed to be accurate. More legal mumble-jumble explaining how there are no guarantees than you’ve ever seen:



The whole JP Morgan presentation thing is little more than a show and tell/or event for each presenter. Look at what Spirit presented:

https://s24.q4cdn.com/507316502/file...tion-FINAL.pdf

You watch that and it tells you NK is going to drive the legacies out of business - domestically anyway - with, of course, the same sorts of disclaimers on the first slide.

These presentations are a COMMERCIAL, an attempt to get stock value and credit rating up. You put all the lipstick on your own particular pig you can until it’s so top heavy it staggers.

Don’t confuse them with an actual SEC filing and for damn sure don’t confuse it with reality.