Yes, in general, they’re a horrible sector. Steve is right.
People see a falling stock price and think its a bargain. But sometimes it’s just a reflection of the business/sector. For instance, LUV still has a forward P/E of 47 and DAL of 21. Is that a bargain? Not relative to their earnings (which is more important than simply a fall “per share”).
So a stock can fall a ton per-share and still be expensive. Or it can fall a ton per-share and be cheap. The stock price, per share doesn’t matter nearly as much as the price relative to its earnings.
Great thoughts from Leslie too.