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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 '2 for 2 success rate' argument to build credibility for the proposed operating ratio target.",
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      "text": "CP enjoys an attractive franchise structurally capable of a 65% OR with a proper operating plan and disciplined execution",
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      "text": "What are CP's structural advantages and disadvantages vs. peers?",
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      "text": "2 for 2 success rate: Hunter has transformed both IC and CN to mid / low 60%s ORs",
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      "text": "Top down analysis: CN going to low 60%s and U.S. Class I Rails to ~65%",
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      "text": "Over the long-term, the operating ratio is a function of structural business factors, not profit levels at any given time",
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