Leo and Rudi - also look at individual airline stock performance over past year for trends: AA flat as pfannkuchen, UA maybe up 15%. Market says airlines have mild flu now; anything worse will mean krankenhaus for them which will mean better days for us.



Everyone should read Warren Buffett's comments about airlines in first November issue of Fortune. FACT: airlines have never, repeat never, made an operating profit. Read article.



FF programs: yea, some will fool around with them, changing levels and benefits, but if the market is right, and it usually is, they will probably back off when they see real resistance from members. Similar to fare increases: they try them and then run for cover when advance bookings fall off or one or more other airlines refuse to play along.



The coming year will be very, very interesting for FFs - and everyone else!