Gee, everyone sees nothing but doom and gloom for Southwest, as if they are just another legacy carrier but with lucky bets in the fuel hedging department.
Southwest will see to it that their status as the highest wage airline will end before the red ink starts to flow as a result of overpaying labor. Fuel hedging is an indicator of how Southwest is run -- they have a long time horizon, and they cut off problems before they have a chance to materialize in a large way.