On February 20th, Jake Frankel, a materials sector analyst, pitched Southwest Airlines Co. (NYSE:LUV). As of September 30th, 2017, Southwest Airlines Co. (Southwest) is the largest domestic air carrier in the United States per the Department of Transportation. Jake’s investment thesis was predicated on a strong corporate strategy, competitive industry position, consistent operational excellence, a strong balance sheet, and a Company responsibility to return value to shareholders. Southwest has demonstrated a commitment to growth through robust capital expenditures. This investment will allow Southwest to add more aircraft to its fleet and maintain operational efficiency as it grows. A robust United States economy and changing consumer trends that favor experiential spending will further support Southwest. Southwest has a strong balance sheet and is well equipped to access the debt capital markets to finance future growth. Jake proposed a purchase of 100 shares of Southwest. This transaction was financed through the sale of 20 shares of Honeywell International Inc. (HON) and 50 shares of Delta Air Line, Inc. (DAL). The proposal passed unanimously.