On March 22, after hearing Mr. Luthi speak SMIF listened to Nick’s proposal to add Delta Airlines to the portfolio. Delta is the second largest US airline, after merging with North West Air in 2008. Delta has done remarkably well after their 2006 bankruptcy filing. Nick cited that their bankruptcy taught them tough lessons about inefficient logistics, poor capital structure, and poor cost management. Today, the company is very healthy, with an entirely different capital structure. In most metrics, Delta bests its competitors. They have the lowest missed bag ratio, highest on on time arrivals, and lowest maintenance costs. The company also mitigates labor risks through lack of a unionized workforce. Delta also owns stake in at least one airline on every continent – something Nick believes will benefit the company heavily as emerging markets develop a middle class. Nick motioned to purchase 300 shares of Delta; the motion passed unanimously.