Case study: Delta airline
Last five years buy back 10 billion dollars stock, but the cash on the balance sheet is less than 2 billion days.
Deferred revenue
Service not performed - prebooked flights
No longer valid - money back
Repay - all cancelled ticket
Delta does not have cash to pay back
This is not Delta specific, and this is entire industry.
Value investor and his insights
March 13 - April 4, 2020, Warren buffet changed his mind, sold airline stocks.
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