I know that airlines are often seen as super risky investments because of the cyclical nature of their business, but how true is this? We saw the once almighty Pan Am go bankrupt decades ago, spirit is now gone, but the current big 3 (Delta, United, AA) seem to be handling the war + oil shock well. Are investments in this industry still seen as risky? What are the biggest drivers and pitfalls of investing in this market right now, in your opinion?
Thanks!