airlines

“When their seats are emptier, they try to get more mileage ticket flights because it's cheaper. It's basically incrementally a cost of zero to them, right? If an airplane is flying and it's going to go and there's a seat empty, they should sell it for whatever…”

“When you combine the card business and the loyalty business with their airline business is worth less because the airline business loses so much money that the overall company Is worth less than the actual loyalty program in bank business.”