in the first quarter as the pandemic halted most travel. And as an indication of the low-cost carrier's ascendancy, its stock has held up better than every other US airline this year even though it is down 55%.
"They have the enormous financial resources to survive what I think most people would agree is a temporary and anomalous situation," he said during a recent webcast hosted by Ariel Investments. Not every airline with these characteristics may be able to survive the crisis. O'Keefe recalled that Boeing CEO David Calhoun has predicted a"That will be of enormous benefit to Southwest," O'Keefe said, adding that "they are in the best position to take market share when the others are clearly impaired."
"It's a wealth-management business," O'Keefe said. "Yes, it has the investment bank. But it's a fairly de-risked investment bank over the last 10 years."
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