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  "documentTitle": "Union Pacific Corporation (UNP)",
  "authorId": "15_Soroban",
  "authorName": "Eric Mandelblatt",
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  "presentationDate": "2023-02-22 00:00:00",
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  "notes": "The chart highlights a -15% performance for UNP compared to a +2% for Canadian peers, with a clear visual gap of ~17% and ~10% respectively.",
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      "text": "~17% gap to Canadian rails and ~10% gap to US rails",
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      "text": "2014 carloads indexed to 100",
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      "text": "carload volume index: -15%",
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      "text": "Source: company filings, 2022 BNSF volume growth from Association of American Railroads. Note: all US peers include BNSF, CSX, NSC, and KSU.",
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      "text": "Under current leadership, UNP has not only failed to grow volumes but also meaningfully lagged both US and Canadian Class I railroads. This has significantly impaired shareholder value potential",
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      "text": "Poor service and operations have resulted in industry worst volume performance...",
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