so everyone loves to talk about Southwest but I'd say the far more representative example is Virgin America. Despite being the mesia darlings and winning all so

so everyone loves to talk about Southwest but I'd say the far more representative example is Virgin America. Despite being the mesia darlings and winning all sorts of awards, it's hemorrhaged money for 6 straight years before posting a meagre profit (http://articles.latimes.com/2014/mar/26/business/la-fi-mo-virgin-america-profitable-20140326 http://articles.latimes.com/2014/mar/26/business/la-fi-mo-vi...). As you mentioned, it's always hard to separate out cause and effect but I'd argue Southwest's unique fleet and labor arrangements gave it a temporary structural advantage. Now that those advantages are disappearing, it seems to be reverting towards the mean (http://www.wsj.com/articles/SB10001424052702303949704579459643375588678 http://www.wsj.com/articles/SB100014240527023039497045794596...).