What a difference one month makes! November was very kind to airline stocks, which had been laggards for most of the year. Most of the group finds itself in positive territory on a year-to-date basis, while some have posted double digit gains. (The change in UAL is particularly striking.) The sector’s performance is all the more impressive given both the recovery in energy prices and the arrival of long-anticipated increases in interest rates. Even the famously skeptical Warren Buffet is moving into the group, with a particularly large position in American. The market in general is enjoying a post-election spurt. The jury is still out as to the durability of the “Trump rally’. There are a lot of big decisions awaiting the new administration, and events overseas (such as a potential Italian bank crisis) can always complicate life for the best portfolios.