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  "documentTitle": "Union Pacific Corporation (UNP)",
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  "authorName": "Eric Mandelblatt",
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  "presentationDate": "2023-02-22 00:00:00",
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  "notes": "The slide uses four charts to establish a narrative of under-investment and the necessity for a catch-up phase.",
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      "kind": "chart",
      "text": "US private under-investment has totaled ~$5 trillion over the last 20 years",
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      "text": "US industrial production is due for a catch up to GDP",
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      "text": "US fixed assets are increasingly aging",
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      "text": "US capex is significantly below historical levels",
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      "text": "The large capital investment boom in the 2000s and the subsequent demand shock of 2008/the GFC resulted in substantial excess capacity through much of the 2010s, leaving little need for new capacity investment. This extreme underinvestment over the last decade is now colliding with pressure to reshore critical supply chains and invest for the capex-heavy “green energy transition,” positioning the US for a robust industrial investment cycle. This large industrial capex will be disproportionately served by rails due to the large scale and heavy nature of materials.",
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      "kind": "title",
      "text": "“Golden age of railroading growth” (2/4): US undergoing new industrial investment super cycle",
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