Today’s Travel Bookings May Be More Fiction Than Fact

Future bookings are beginning to recover, buoying shares of some travel and leisure companies. But investors should ask themselves just how much of that is fantasy money versus real future revenue on which they can hang their hats.

Cruise operator Carnival said Thursday that bookings for the second half of next year are at the higher end of its historical ranges. At this stage of the coronavirus pandemic, that is “a compelling indication of the fundamental strength in demand” for its brand, according to Carnival.

But…