I've said before, I don't get the sense that Disney's management team, going back to post-Wells Eisner has long-term confidence in Disney's product no matter what they say on camera. I think they avoided adding additional US parks or a 3rd Resort to focus on China, because they also keep expecting the domestic market to tighten up at some point, making the investment pointless. It's not just *us* sitting around wondering how long they can keep this up. IMO, there was genuine surprise coming from Chapek over how strong future bookings remain. However, the last 3 years has definitely shown how emotionally reactive people are about a litany of things, not just Disney vacations. Also, if you look around there are places where people have pulled back, just not yet on travel. We're getting a reprieve on energy based on how much demand pulled back recently, but supply is still going to be a concern as long as the war continues and climate change does its thing. That demand will creep back up, because people still want all the things, but I expect we're going to be in an annoying set of economic bunny hills until we get some clarity on the global geo-political situation. Including, our own country.
The earnings call, tipped their hand that they think they can just turn the AP spigot back on whenever they feel they might need to, but there is a lot of AP rage building up to replace all that pent-up demand. How this is all going to turn out in 5 years?