Subject: Re: Operating earnings
Union Pacific's debt is up 248% since 2014, operating earnings up 17%. Stock buybacks and div's since 2014 have exceeded net income by a bunch. Currently the stock of course is down significantly and as you'd expect buybacks are nil and going to be nil - the debt cost to do them is prohibitive.

UNP has under cap-ex'd in its obssession with running and keeping the stock price up - again idebting itself aggressively to do so.

I love Berkshire Hathaway more every time I look at the other railroads and their decisions.