Remember, back in the mists of time, before the Virus? It feels like so long ago. Back then the world seemed so “normal”. Here is how our model was forecasting future operating margins for the big US airlines based on the year-end 2019 data just published. We miss 2019. When the 2020 data updates come, the forecast will be very different. Meantime enjoy the 2019 fantasy that was.
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