> It's already a very profitable activity For whom? Historically, aviation has not been a profitable industry over its lifetime[0]. The companies that still fl

> It's already a very profitable activity For whom? Historically, aviation has not been a profitable industry over its lifetime[0]. The companies that still fly are basically just a combination of "survivorship bias" and "newbies still somehow subsidized". We're looking at today's companies like you'd look at the half-season cast of Squid Game and thinking "this group seems to be thriving, I guess". That only works if you disregard everything that's happened before now and what will likely happen for the rest of the season. [0]: https://aviationstrategy.aero/newsletter/Jun-2015/1/Airline-Profit-Cycle https://aviationstrategy.aero/newsletter/Jun-2015/1/Airline-...