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  "documentTitle": "Canadian Pacific Railway (CP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-02-06 00:00:00",
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  "notes": "The slide uses a regression line to show the expected cost-to-haul relationship and uses an arrow to indicate CP's target performance.",
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      "kind": "callout",
      "text": "CP's longer hauls and bulk / unit train mix should give CP a much lower unit cost profile than current levels",
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      "text": "CP’s longer hauls and bulk / unit train mix should give CP a much lower unit cost profile than current levels",
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      "text": "Unit Costs vs. Length of Haul (2011)",
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      "text": "Operating Expense per RTM",
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      "kind": "source-note",
      "text": "Source: Company filings. Excludes Kansas City Southern due to the short-haul nature of its traffic mix.",
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      "kind": "title",
      "text": "Yet Longer Hauls Should Confer a Cost Advantage to CP",
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