You could always limit it to companies that can show the money which would have been used if there was a limited decline in business. Separate the ones who did indeed behave responsible and were caught by this extraordinary event from those who bought back stock without thinking about tomorrow.

Clearly all of them were prepared for some contingency given that they are still in business several months after a drastic decline in demand for flights.

I know everyone likes "the good ol' days" but this is a teachable moment. Sometimes you get the bear, sometimes the bear gets you.

No its not. No company should prepare for its business model to be made illegal. The best outcome for shareholders there is to return money to them before the business model becomes impossible and declare bankruptcy.

> No company should prepare for its business model to be made illegal.

Yes. When you have a business in an industry that is in the political or regulatory eye, you should prepare. This is historical prudence.

> this is a teachable moment > No its not.

I would treat it as such and that's the problem, isn't it? The model didn't become illegal, it became impractical for an extended duration of inactivity. This isn't an unexpected natural disaster, it's a rather regular event. Something something The Ant and The Grasshopper. Maybe another incarnation will show better judgement by holding more reserves and point backward.

The inability to consider history is a trend of the USA, politically and commercially now.