I think you're right about a lot of trends here, especially the funny point about how airlines rewards programs are worth more than the airlines themselves. Ho

I think you're right about a lot of trends here, especially the funny point about how airlines rewards programs are worth more than the airlines themselves. However, business travel and leisure travel shouldn't be conflated. I'm much more worried about the hotel industry - which caters to business travelers that will be significantly impaired for much longer post-COVID. I.e. domestic Airbnb spending was actually up 22% in July YoY, whereas hotels are still getting destroyed.[1] [1]: https://trends.edison.tech/research/airbnb-hotel-sales-sept-2020.html https://trends.edison.tech/research/airbnb-hotel-sales-sept-...