In short: Noble's first Substack report (January) and "the only stock I recommend" that has gone down ("we're 11 for 12"): "a good story. It's cheap. They don't make any money. Elliot Management's involved. They're getting rid of the middle seat. They're going to charge for bags… if they earned half of what United or Delta made, it would be big stock." Then Hormuz and oil "derailed" it — "down a few %. No big deal." Recommendation still standing; not an Eisman view.
Southwest is a big US airline that currently earns almost nothing. George Noble recommended it in January as a turnaround: the stock was cheap, the activist fund Elliott Management was pushing for change, and the airline was changing long-standing habits, such as starting to charge for checked bags and, as Noble put it, "getting rid of the middle seat."
His point is that if Southwest earned even half as much as United or Delta, the stock would be worth much more. Then the conflict around the Strait of Hormuz pushed oil (jet fuel) up, and the stock slipped a few percent. He still calls it a good story; it is his only losing pick so far.
37:11So, we're on Substack now. We've been writing reports. And by the way, I'm very proud of our recommendations so far. We can talk about that later, but I wrote my first report in January. It's the only stock I recommend. It's gone down. Actually, we're 11 for 12. And it was on Southwest Airlines. It was a good story. It's cheap.
In short: From Frank Holland's news update, not the desk: "Southwest Airlines is getting into the airport lounge business — building high end lounges in Austin, Baltimore, Nashville and Honolulu in an effort to lure travellers with a new premium credit card launching next year… at least 11 lounges." The continuation of the carrier's move up-market from a single-cabin, no-frills model. No committee view.
From the news update rather than the desk: Southwest is building airport lounges in Austin, Baltimore, Nashville and Honolulu — at least eleven in total — alongside a premium credit card next year. For an airline built for decades on a single cabin class and no frills, this is the continuation of a deliberate move up-market, chasing the higher-margin traveller and the card-fee revenue that comes with them. No committee view was offered.
In short: UI demonstration only — no view expressed. Pulled up live to show what a COVID collapse and recovery looks like as a chart rather than a table ("I just pulled up Southwest the airline. It's interesting visually"), and again as the example for querying a single earnings transcript or slide deck side-by-side with a custom AI prompt.
55:59— Yeah, I just pulled up as you were saying that some of the travel names, whether it's like a cruise line — I just pulled up Southwest the airline. It's interesting visually. You pull up Airbnb, look at bookings or something. It's interesting to really — it's one thing to know, okay, there was a huge dip in 2020 and then the recovery started.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.