Originally Posted by
tnkrdrvr
Most of what you are talking about is infrastructure that pax airlines pay rent or otherwise support through fees, etc. UPS especially, and to a lesser extent FedEx, own most of the infrastructure they use (outside of airports, which is a small piece of UPS’ portfolio). The company has a relatively light debt load relative to its size and assets. Due to the nature of the operation it has employees and assets in every congressional district and most countries. That gives it incredible sway. Pax airlines own airliners and not much else in the way of physical assets. Market capitalization is what Wall Street thinks a company in its totality is worth. It is the ultimate apples to apples comparison.
I agree with everything you say. It is true. But it does not address the comparison to which I was speaking. Trying to compare apples to apples. Without considering those ground assets, whether the pax airline owns them or not, means it is apples and oranges. I understand they do not own the Ubers. But considering delivery trucks as market capitalization, and not penciling in Ubers, for comparison (even through the pax airline does not own the Ubers), results in apples to oranges. I trust that is a clarification, to make a fair basis comparison.