@lhamtil Pershing Square on $CP advantages/disadvantages over $CNI and other Class I RRs as of 02/2012.

Canadian rails are advantaged: (1) Superior mix (>bulk = lower-cyclicality, >intermodal = faster-growth); (2) Superior service (much fewer service meltdowns); (3) Lower network overlap (= less competition vs other rails); (4) Longer hauls (= less competition vs trucks). $CP $CNI

$TMO has been providing CDMO services for a surprisingly long time, it had already started with Fisher Scientific in 2006, way before the Patheon acquisition.

$DHR already providing some bespoke CDMO services for customers who request it on a small scale

@JerryCap @InnocenceCapit1 @Borlaug_ @viggy_krishnan PPD was growing high-teens organically in 2022 vs IQV low-teens and CRL LDD. CRO customers clearly value having a one-stop-shop solution.

@JerryCap @InnocenceCapit1 @Borlaug_ @viggy_krishnan Combining Cytiva+Pall into a single group was another hint suggesting a gradual move towards a fully-integrated solution, at least within bioprocessing. CDMO/CRO is the reason why TMO can outgrow DHR organically. I think Rainer understood that and wants a seat at the table.

$AIR didn't grow overnight, it ate $BA market share little by little over many decades before stabilizing to the duopoly we know today.

Ultimately, railroading is only about running a network with good safety & service, everything else flows: employees/customers are happy in a self-reinforcing cycle & an expanding capacity can be sold at higher prices with low incremental investments/high incremental margins $UNP

Aircraft engines are among the very few products for which there is no Chinese competion. Barriers to entry and risks are so high that China would rather buy Western-built engines for their indigenous platforms than build their own (e.g. Comac C919 flies on $SAF & $GE LEAP).

$CTLT on the rise of the CDMO and how it enabled independent biotechs to decentralize the industry. Share of drugs pipeline from top 25 biopharma dropped from ~45% in the early 90s to ~8% today.

$DHR looking at $CTLT while they saw a clear lack of DBS opportunities within CDMO before. Seems like $TMO success within that space caught up with them and they want a seat at the table as well.

PPD growing high-teens organically in 2022 vs $IQV low-to-mid-teens and $CRL +11-12%. Evidence that CRO customers value $TMO one-stop-shop solution across the entire biotech & pharma continuum, allowing them to gain share.

Longevity is the ultimate competitive advantage test. Very few businesses that were there 100Y ago and likely to be there 100Y from now. Railroads are one of them. $CP

@JerryCap If we get down to the most important thing for $DHR, which is getting a deep understanding of DBS, the 2 following reads are real game-changers: https://t.co/HL9FOqJral https://t.co/EUIAV4MGax