Originally Posted by eigenvector

Oh, for sure. What stands out to me as a consequence of airlines spinning off their loyalty programs to separate companies is that when loyalty becomes a profit centre rather than a marketing expense, it has be self-sustaining. For us to get our mini-RTWs in J, there has to also be a lot of AE miles burned on toasters for AE to stay solvent. So if the "aspirational" collectors who are never actually going to get any meaningful value from their miles disappear, the people like ourselves who do get tremendous value are going to feel it.