Subject: Re: Greg and BNSF
BNSF is not performing as well as it could or should. This has been the narrative and the numbers back it up.

I suspect the numbers story is a bit more complicated than that. Off the top of my head, a couple of factors to look into might include the fact that they aren't fans of "precision railroading" which generally involves treating clients badly, and the fact that there was a big surge (now ended) in coal shipments.

The good news is that they'll still be making money a century from now, and there won't be any more competitors than there are now.

The bad news is that inflation is a perennial problem in this business. Maintenance capex rises in real terms.

Jim