We operate in an industry of narratives.There is the story we tell consumers: one of value, access, and aspiration.Then there is the story the ledger tells us: one of cost, liability, and margin.The legend of a reward point is its perceived value on afirst-class flight; its reality is a line item on a balance sheet, meticulously managed and strategically deployed. The gap between the ledger and the legend is where strategy lives. The most successful leaders don't just read the headlines; they understand the economics that write them. They see the signal through the noise.Fulcrum Question: Are you analyzing the headline, or the economics that write it?

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