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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 'before-after' comparison of asset utilization metrics between 2005 and 2010 to highlight operational inefficiency.",
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      "kind": "callout",
      "text": "Poor asset utilization -> unnecessary capex & increased opex",
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      "text": "Asset utilization: 93%",
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      "text": "Source: Company filings.",
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      "text": "GTMs 71% 71%; Freight Cars 55% 80%; Locomotives 81% 93%",
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      "kind": "title",
      "text": "Issue #4: Asset Utilization is Poor...",
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