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  "documentTitle": "Canadian Pacific Railway (CP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2012-02-06 00:00:00",
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  "notes": "The chart uses a vertical dashed line to mark the appointment of Fred Green as CEO in 2006, correlating with a sharp increase in the cost disadvantage.",
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      "kind": "callout",
      "text": "CP's longer hauls and bulk / unit train mix should give CP a LOWER unit cost profile than CN",
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      "text": "CP's unit costs are substantially higher than CN's, despite longer average hauls and a greater bulk / unit train mix",
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      "text": "Operating Expenses per RTM (CP vs. CN)",
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      "text": "Operating Expense (excl. Fuel) per RTM / Operating Expense per RTM",
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      "text": "Source: Company filings.",
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      "text": "Issue #3: CP's Unit OpEx Disadvantage has Grown",
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