As someone who is an Amex reserve holder I’m in that camp that I’m not sure I’ll keep it when it comes time for renewal. I haven’t flown commercially since February and don’t have plans to until maybe July not because I’m scared but because lack of frequency and not sure what flights will be available. Reduced lounge service makes the card tough to justify (admittedly I haven’t flown in months so hopefully the lounges are reopening).

Too hard to value the cost of the LATAM and Virgin investments. Truly an opportunity cost question. Say we had aggressively paid to win that access and slots organically and flown it ourselves. Would the furloughs have been larger? The displacements even more painful? Would we have more debt from aircraft no longer needed? We will have to see. UAL is on the other side of this equation. A lot more wide bodies and a lot more direct intl exposure. That is costing them money daily.