It blows my mind that a $25 billion dollar company is going public, ... It is truly incredible. That will be one issue everyone will be clamoring for.

The fact that they're moving up the timetable is less indicative that it's going so well and more indicative of the fact they need to go ahead and get it done. I think it is something they have to do to compete effectively with UPS. Certainly it brings some uncertainty to the next year or two for them in terms of profit and their ability to execute those plans.

It's a foregone conclusion there's one carrier too many, ... But even with this, I don't think it's definite that Emery will be the one that disappears.

They've stressed on conference call after conference call the desire to be asset light, ... They feel like they need a network of planes to fuel the kind of freight they carry. But now they're going to be running a third-party network anyway. I can't see them going out of their way to put the planes back in the air.

I think FedEx over-engineers solutions in many cases. UPS doesn't see the need to have two separate systems and it seems to work pretty well.

[Either way,] someone has to get all that stuff to where it's going, ... It's already mind-boggling what that company ships in a day and it's only going to get bigger.