Ann: Revised Kaiser Resource Est Improves Confidence and Grade, page-15

The market clearly doesn't care about anything ALK does. IMO it is because of management's absolute lack of dynamism – ALK is soooo predictable, just plods along while management gets paid way more than they are worth and no doubt rack up the expense account, which shareholders ultimately pay for. Worse still, when they do something consequential, such as the disastrous Macquarie hedge, they totally screw it up. They have also put all their eggs in the NMPP basket, which IMO will weaken ALK's position in negotiations. Credit where it's due, though – the one area in which management have had a lot of success is in turning ALK into a company where absolutely no optimism is factored into the share price. Well done!