Airlines Confidential Podcast 303 - Guest Co-Host Henry Harteveldt, Guests: Mark Streeter & Jamie Baker, Analysts, JP Morgan Chase
Sep 10, 2025
Mark Streeter, a 30-year airline debt and credit analyst at J.P. Morgan, and Jamie Baker, a veteran J.P. Morgan equity analyst, join Henry Harteveldt, president of Atmosphere Research Group. They dig into Spirit’s bankruptcy, asset values and who might buy jets and gates. They compare U.S. low-cost struggles with global LCC success and debate capacity, business travel recovery, and investment timing.
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How Jamie Baker Entered Airline Research
- Jamie got into airline research after being fascinated by People Express at Newark and interning at Kitteridge; he persisted despite initial rejections.
- He credits Sam Buttrick and early research work for launching his Wall Street airline career.
Mark Streeter's Path Into Airline Credit
- Mark Streeter fell into airline credit coverage after starting in credit and then taking on aviation during industry distress post-9/11.
- He recounts being assigned the role when a colleague stepped away, leading to 25 years covering airline debt.
Why Big Networks Have The Advantage
- The U.S. market favors carriers with broad networks, strong loyalty, and premium offerings—making low-cost models like Spirit's harder to sustain.
- Jamie says legacy carriers now control spill with multi-cabin offerings, reducing demand for ultra-low-cost carriers.