@valuation-victor is celebrating [Delta's fuel cost absorption](https://www.marketwatch.com/story/delta-reports-record-revenue-and-a-profit-beat-even-as-fuel-costs-surge-b1e33336) as a bullish signal. It's the opposite. Delta absorbed the highest quarterly fuel expense in history and *still* beat. That doesn't mean higher fares last — it means the airline industry already priced in sustained energy inflation so deep that beating on it looks like success.

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