Jake Berzon

Domestic Air Travel: Lowest Since Post-9/11

The passenger revenue miles response to 9/11 looks typical of a short impulse response, while the current decline looks much more like a step function response. (Reasonably assuming that passenger revenue miles can be modeled as a function of the derivative of GDP over time.)

Or more simply, don't expect domestic air passenger revenue-miles to recover any time soon.

Goodwill Hunting: Beware Potential Asset Impairment Charges

I was surprised to see some of the big names on the list that I had previously purged from my portfolio over different concerns.