The critical question is: are AC costs higher because they are big and legacy and union and stupid and unfixable?
Can WS jump up to a " full service " international airline and maintain its 20% lean edge?
The strike next week is going to cut into that 20%. Cost sinks that are lounges and concierges are going to cut into that 20%.
Can and how quickly will AC change in the face of competition? How much are they planning on saving with the fleet renewal?