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      "text": "Market Value: Lost more than 50% of its market value in last three years; Stock Price: On pace for its 5th straight year of negative stock returns; Profit Sharing: Massive decline in annual profit sharing pay for employees; Guidance: Revised guidance down seven times in the last 17 months; Margins: Now has the worst margins of any major airline; Operations: December 2022 meltdown stranded over 2 million customers; Governance: Board lacks independence and external airline experience; Leadership: Executive Chairman and CEO committed to dated strategy",
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      "text": "Talk about a fall from grace. Of all the US airlines, Southwest has evolved the least since 9/11, relative to an industry that has undergone a massive profit transformation ... We believe substantive changes to its business model are required if margins are ever going to reclaim the high ground, but management (thus far) appears uninterested. J.P. Morgan, December 2023",
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      "text": "Talk about a fall from grace. Of all the US airlines, Southwest has evolved the least since 9/11, relative to an industry that has undergone a massive profit transformation ... We believe substantive changes to its business model are required if margins are ever going to reclaim the high ground, but management (thus far) appears uninterested. — J.P. Morgan, December 2023",
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