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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 slide uses a line chart to visualize the downward trend of the Operating Ratio from 1989 to 1997.",
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      "kind": "callout",
      "text": "Hunter Harrison led IC's transformation into the best operating railroad in the industry, ~2,000bps ahead of the competition",
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      "text": "Hunter Harrison led IC’s transformation into the best operating railroad in the industry, ~2,000bps ahead of the competition",
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      "text": "Operating Ratio by Year",
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      "text": "Pioneered and implemented Precision Scheduled Railroading\nEBIT increased 2.8x\nOR improved 1,700bps from 80% in 1989 to 63% in 1997\nMassive operating improvement despite price decreases prevailing at IC and within industry at the time\nDramatic reduction in asset intensity, with 29% reduction in locomotives and 10% reduction in rolling stock, despite growing volumes\nBought by CN: 450% return to equity holders",
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      "kind": "title",
      "text": "Illinois Central - Case Study",
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