aapsky Executive Summary United Airlines (NASDAQ:UAL) is probably not the lowest-cost airline however its stock price is cheap. Very cheap considering that the airline industry is fundamentally sound and not becoming obsolete. While our natural tendency is to seek business with strong competitive advantages, it is quite challenging to maintain an edge in this fiercely competitive and cyclical industry. We focus our analysis on potential cyclical swings as well as overall industry trends when evaluating the ...