I would say just from working with them. The culture, the people, how knowledgeable they are about running the business. Those sorts of qualitative elements. I'd be curious if you have any insights on that and if any stand out to you.

On the freight side, Union Pacific has the best technology by far. They are technologically advanced, surpassing everyone else. They have a larger network and recruit internationally for certain roles, especially tech jobs in Southwest Asia. Union Pacific heavily recruits for marketing and sales, particularly in the South, and they pick up operations talent where they can. They have an advanced network, being present in the Powder River Basin and the Southwest, including oil and coal fields. However, they are not as strong in the Pacific Northwest, where BNSF operates. They do have a yard in Seattle, and through mergers and acquisitions, they have strengthened their footprint in the Los Angeles area, which they predominantly control.

And when you say technological advantage, what exactly do you mean?

The CAD system at Union Pacific is another example. UP is approximately 85% operated by computer-assisted dispatchers. In contrast, CPKC is only 33% operated by computer-assisted dispatching and prefers track warrants, which are slower, the speeds are slower. With track warrants, if I step away, the train must stop at its limit. However, with CAD on autopilot, the system makes the most efficient move automatically.

And when you say technological advantage, what exactly do you mean?

Canadian rails, on the other hand, have outdated computer systems. CPKC's terminal computer was purchased from Norfolk Southern 20 years ago. In contrast, Union Pacific creates and operates its own programs, giving them sole proprietary rights. They have their own dispatching system, unlike BNSF, CSX, and others. Everything is in-house, so if something goes down, they don't need external assistance. This ownership of the entire process makes them more advanced, if that makes sense to you.