true, but we’re still in a position where people are spending above the odds on travel, but being constricted by supply, so fewer numbers travelling. Which means costs are low but margins are high over the whole chain. While you’re right that airlines are currently taking a disproportionate share of that, travel agents are not doing badly and they’ll find ways of cutting growing share of what is now a high margin and fast-growing sector.
Short squeeze, page-67
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