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  "documentTitle": "Canadian National Railway (CNI)",
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  "authorName": "Sir Christopher Hohn",
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  "notes": "The slide uses Union Pacific's historical performance as a proxy for the potential success of Jim Vena at Canadian National.",
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      "text": "Operating Ratio: -670bps",
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      "text": "These results at Union Pacific were achieved in the face of a significant industrial recession and a 7% cumulative decline in volumes:",
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      "text": "UNP, 2018, 2021e, Change; EBIT, 8,517, 9,500, 12%; OR, 62.7%, 56.0%, -670bps; EPS, 7.91, 10.00, 26%",
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