CNI Investor Conference - We the North!

June 7, 2019

Greetings;

“Scheduled Railroading is foundational”
/repeated often at the CN Investor Conference
“(The lesson from 2017 is)….the cost of over-investment is much less than that of under-investment”
/CN CFO Ghislain Houle
“We the North!”
/Heard and seen everywhere in Toronto, as a response to false claims that railroads don’t want to spend or grow….

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An Unexpected Honor

May 13, 2019

Greetings;

An Unexpected (but cherished) Honor: Late last month I received the following email form Carrier Foor, whom many of you know is the Executive Director of the North American Rail Shippers Association (NARS), whose excellent annual meeting (see the agenda) starts May 15 in San Antonio …

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Take Off! Big Kerfuffle in Cowtown, eh?! CP's Q1/19 EPS Miss

April 26, 2019

Greetings;

Just a refresher, from the Canadian Slang Dictionary:  “Take off” means “to express disbelief in what was said, ‘get out of here!’”

Greetings – Canadian Pacific is no hoser, eh (meaning “loser”, or the losing hockey team that has to “hose down the ice” pre-Zamboni).  But….after seeing their first quarter results….all I could think was …

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Mother of Dragons! Two Western Rails Interpreting PSR Differently - UNP & KSU Q1/19 Earnings Takeaways

April 23, 2019

Greetings;

“Chaos isn’t a pit; chaos is a ladder”.  Of the seven rail thrones, 3 have reported and have eclipsed Wall Street expectations; later today we’ll look to the North, as Winterfell, I mean CP, reports its results.  They will be followed by to me the two most interesting Houses in this song-cycle …

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All the Patterns of a Pollack - Q1/19 Rail Earnings Preview

April 16, 2019

Greetings;

With CSX about to step into the batter’s box to lead off the Q1/19 rail earnings “game”, it is time for me to attempt to preview what to expect for the quarter, and (more importantly) the webcasts themselves as we all try to discern meaning form the snapshot-in-time provided by the Q1 financial results.  Some quarters are like a Mondrian, all precise and geometrical.  Other quarterly results are more like …

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2019 - Year of the Short Line? More (NEARS & ASLRRA) Rail Conference Takeaways (Before "Earnings Period")

April 15, 2019

Greetings;

Back off the road for a little bit, just in time for the rails’ Q1/19 earnings reporting period (see Preview tomorrow and our efforts to decipher all of the quarter’s moving parts!).  Meanwhile, I attended two major conferences, the North East Association of Rail Shippers in Baltimore straight into the Short Line (ASLRRA) Convention, both of which yielded a few choice nuggets, and more, for …

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Rails Mixing Bowl - Updates in between Conferences

April 5, 2019

Greetings;

“(Shippers) point out that the on-time reliability of ocean freight is far below that of other modes”

/Journal of Commerce, noting that east-bound Pacific is running ~40% on time – nice not to be on the bottom

Greetings from Baltimore on Opening Day (before the start of NEARS, which I will “cover” along with the Short Line Convention in the next note).  On the latter, short lines remain a hot topic …

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