Simple enough really. Alaska Airlines does not want to be a great airline or even a good airline. They want to be a great return on invested credit. They dont want to be a great career airline or a major player or to grow their footprint. Those things have little to nothing to do with great ROIC. They are likely the best in the ROIC airline game…. Over the long stretch. Makes the realization that you work for a boutique investment firm that happens to have airplanes a little bitter. PNW ers seem to swallow that pill better than most. If you happen to be invited into the club then you will definitely experience a pseudo-airline career with decent career potential. If you are looking for the niceties and consistencies of an airline being run as an airline you might not find what you are looking for.