Amazing how you can simultaneously be the best AND the worst!

I honestly think the truth is somewhere in between. It's funny because absent their oil plays (which were WAY too aggressive), I think they manage the business too conservatively. WN has had several opportunities this decade to buy out their competitors -- which would have massively increased shareholder value. The best move would have been to buy out America West in 2002 or 2003, which they could have done for a few hundred million. If they had done that, America West would never have rescued US Airways, and WN would now control PHL and possibly CLT, and have much less competition in the southwest. It was a no-brainer, but they chose instead the failed strategy of trying to drive them out of business.

More recently, this summer, I think they should have bought AirTran when that airline was experiencing massive pain from the oil bubble. Again, it could have been bought for a couple hundred million. That opportunity has now also vanished.

None of this probably matters much to their customers, but the failure to act has cost shareholders billions.