TIP860: Canadian Pacific Kansas City Limited (CP.TO): Irreplaceable Moat, Unproven Compounding w/ Kyle Grieve & Shawn O'Malley

You're listening to TIP. Today we're covering one of the oldest businesses that we've ever looked at on the show. It's even older than Coca-Cola. And in the last 15 years, it's actually reinvented itself two times. So the first set of shareholders fared quite well. But the jury is definitely still out on that second set. And that business is Canadian Pacific, Kansas City Railroad.

When you told me that we were doing A railroad business today. I braced myself for some train ponds and A business that is maybe not the sexiest in the world, one that grows about as fast as the economy and just generally Railroads have not been the type of place that we've looked for portfolio ideas.

Yeah, and I think that was my first assumption as well. And I think for most railroads, it's probably the right assumption. But in terms of Canadian Pacific, Kansas City They kind of went from being one of the least efficient railroads in North America to one of the best. And the stock compounded very healthily while that happened.

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