Greetings everyone and happy new year. Well, it was an eventful turn of the year. the government uh shutdown did end.And uh here we are. We're catching up with uh economic statistics. Uh I'm going to be doing something a little different this time instead of the normal drill.uh because uh I'd like to give you a preview of a letter that we're going to be putting out uh uh at least show you some of the charts uh and um really go through the line of thinking um that we have been processing over the last year a ...

Group 1: Delta Air Lines Performance - Delta Air Lines reported earnings per share of $2.10, exceeding the Zacks Consensus Estimate of $2.04, but down 11% from the previous year [2] - Revenues slightly decreased year over year to $16.65 billion, surpassing the Zacks Consensus Estimate of $16.2 billion [2] - The company restored its 2025 guidance, projecting earnings of $5.25-$6.25 per share, with the Zacks Consensus Estimate at $5.11 [3] Group 2: Industry Impact - Delta's strong earnings have led to a rally in the broader U.S. airline sector, with U.S. Global Jets ETF (JETS) rising 7.3% and Themes Airlines ETF (AIRL) increasing by 7.9% [1][5] - Other airlines also experienced significant gains, including United Airlines (14.3%), American Airlines (12.7%), Alaska Air (9%), and Southwest Airlines (8%) [5] Group 3: Market Trends - Delta indicated strong momentum in the airline industry, with stabilized bookings, a 5% increase in premium ticket revenues, and an 8% rise in loyalty program revenues, despite a decline in standard main cabin fares [4] - CEO Ed Bastian noted improvements in consumer and corporate confidence, which are crucial for sustained travel demand [4] Group 4: Fuel Costs - Falling oil prices have positively impacted airline stocks, with Delta's fuel expenses dropping 11% year over year and per-gallon costs down 14%, easing margin pressures [6] Group 5: ETF Insights - U.S. Global Jets ETF has an asset base of $885.5 million and a trading volume of nearly 4 million shares daily, charging 60 bps in annual fees [8] - Themes Airlines ETF manages assets worth $1 million, with American firms comprising 42% of its holdings, and charges 35 bps in annual fees [9]