Not really. They're like banks in the same way insurance companies are like banks and can make make money on the float. That's not what this is saying. I'm no

Not really. They're like banks in the same way insurance companies are like banks and can make make money on the float. That's not what this is saying. I'm not sure what it's saying. It's a cutthroat industry where infrequent travelers (and there are a lot) have driven margin for economy seats booked early to almost zero. So you make money on premium services and loyalty for customers that are less price sensitive. Thinking about miles like a real currency gets you lost in the weeds of what's just a complex loyalty program.