American Airlines Group Inc.

Delta Air Lines, Inc.

United Airlines Holdings, Inc. Common Stock

saw this graphic about the valuations of airline credit card programs vs their overall market cap. fascinating.

[https://www.semafor.com/newsletter/02/14/2023/the-backlash-to-the-esg-backlash-is-here](https://www.semafor.com/newsletter/02/14/2023/the-backlash-to-the-esg-backlash-is-here)
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**$DAL** **$AAL** **$UAL**
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![image](https://cdn.commonstock.com/3692eb6b95c00cbc24f9ecf2feffbb38241f53376ddd3444e5f9c625e848cc29-1154x748.png)

I’ve seen similar views expressing the power of airline credit cards and it is bonkers that it is not more to light when people discuss airline plays. Do you have a link for that source?

Jensen Butler

In today’s edition, we look at the backlash against the ESG investing backlash in Republican-led states. 

https://www.semafor.com/newsletter/02/14/2023/the-backlash-to-the-esg-backlash-is-here

The backlash to the ESG backlash is here | Semafor | Semafor

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