Dear readers,

As you know, this week is the J.P. Morgan 2023 Industrials Conference, the most influential investor conference for U.S. airlines. This is the first of at least two newsletters I’ll send about the event, both with the same goal: To help you sound smart, even if you don’t have the time or inclination to listen to the replays.

Let’s start with news about the group J.P. Morgan’s Jamie Baker called “global premium airlines,” or Delta, United and American.

Delta’s Ed Bastian highlighted innovative ways the airline is making money from its “captive audience” — passengers who are “bored out of their minds” for three hours or more. United’s Scott Kirby and Andrew Nocella spoke about the future of corporate travel, saying they expect it to return. And American’s Robert Isom discussed the airline’s obsession with operational reliability.

Here are the highlights.