[erostrate]

Thanks, I like Levine and remember reading that. He basically argues that airlines financial strategy was optimal for shareholders, given covid and guaranteed government support. But firstly, he only considers the two uses of money proposed in the NYT, improving customer service or reducing the debt burden. Secondly, his whole argument is predicated on airlines being bailed out by government - which is true, but I believe shouldn't. I personally believe a lot of value is being destroyed by lack of long term investment and short term incentives, leading to problems such as these ones. And finally, even Levine admits that buybacks might be suboptimal for other stakeholders (eg employees, clients).