It's a timely topic to discuss the railroads and the entire transportation system in the US. From my perspective, the stronghold in transportation was the LTL transporters, but even they are starting to feel the pinch now. Do you think this is due to general uncertainty, or is it more structural, or is it just a difficult situation?

Rails are a bit different, with more margin to play with, and I think the margins will remain strong. The challenge recently has been that while margins are still good, we're on a trajectory toward a 50% operating ratio. Over the last several years, especially in western countries with unionized workers, labor has had leverage for the first time in years. This was evident in the US during the Biden administration, where unions had strength in renegotiations post-pandemic due to worker supply shortages.