Airlines have built a well-deserved reputation for being terrible investments. Not only does the industry have high ongoing capital demands, but a tradition of beggar-thy-neighbor operating philosophies that lead to cut-throat pricing and minimal (if not negative) real returns across the industry.
And then there's Alaska Air (NYSE:ALK). This is an unusual airline in so many ways. Although it covers a huge geographic footprint (from Alaska to Hawaii to the continental U.S. to Mexico), it's relatively focused in terms of airports and routes served. In an industry where customer loathing is palpable and employee-employer relations harken back to the French Revolution, Alaska Air seems to actually be well-liked by both fliers and those doing/supporting the flying.
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