There are two issues with doing a static analysis on something like this: 1) Survivorship Bias: you are only looking at airlines that currently exist, and igno

There are two issues with doing a static analysis on something like this: 1) Survivorship Bias: you are only looking at airlines that currently exist, and ignoring ones that have gone out of business. 2) Recency Bias: you're examining them at a time of relative prosperity and stability, ignoring their pasts.