Sundry Photography Investment Thesis In December, I rated Delta Air Lines (NYSE:DAL) as a hold because of my concerns about their potential pension issues and a perceived downward trend in demand for air travel. At that time, I was worried Delta Air Lines pension fund was too highly exposed to private fund investments and the unfavorable market conditions for private equity was a risk factor that we could not ignore. Together with what looked like an impending softening of domestic travel, I rated the stock ...