[daed]

I don’t know about your reduced capacity argument. The reason Buffett sold his airline shares so low is he foresees supply outstripping demand for quite some time in the industry. Presumably that would apply to other travel/experience stuff as well. And for gasoline I think the Saudis et al can ramp up preeetttyyy quickly.

[tomatocracy]

I think the airline industry is sort of uniquely vulnerable vs other travel/experience related industries: in the short term, supply may outstrip demand for some time against a relatively fixed cost base; and in the medium term, there may be limited ability to scale back up rapidly if airlines are unable to re-recruit pilots and crews they had to let go to deal with the short term.