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  "docSlug": "71f980c94b7e",
  "documentTitle": "Canadian Pacific Railway (CP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-02-06 00:00:00",
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  "pageNumber": 88,
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  "notes": "The slide uses a line chart to visualize the improvement in Operating Ratio (OR) over time.",
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      "kind": "callout",
      "text": "Hunter Harrison led CN's operational and cultural transformation into the best operating railroad in the industry",
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      "text": "Operating Ratio by Year",
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      "kind": "list",
      "text": "Operational / cultural transformation and implementation of Precision Scheduled Railroading\nEBIT increased 2.6x\nOR improved 1,100bps from 78% in 1997 to 67% in 2009\nAs low as 62% OR in 2006 (1,600bps)\n$3bn of acquisitions (at high 70%s OR), integrating and transforming these rails, leading to flattish ORs in high 60%s in the early 2000s\nNot capital intensive -> capex = 17% of rev.\nTotal return to shareholders of 350%",
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      "text": "operating ratio: 67%",
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      "text": "Canadian National - Case Study",
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      "name": "Quick Win Big Bet",
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