This time, it’s different.  Today’s situation is unique.  We’re in the midst of an industry recovery but facing a recession when revenues typically fall, and industry earnings suffer.  Our thesis is that airlines may actually survive the recession well, potentially with increasing revenues as the final elements of traffic that have not yet returned from the global pandemic kick in.  While high fuel prices and higher costs may portend doom and gloom, the counterbalancing forces may result in a more favorable picture for the airline industry.

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