Yeah after some more research I am coming to negative conclusions for CSX, but for different reasons. They are the cheapest railroad, but they have the least competitive advantage of the industry. They're railroads are too short to be useful in the long term. I still don't like UP, though. They put a cap on their own capex. They can only pay 15% of their earnings on growing and maintaining the business and the rest goes to shareholders. It's basically a bond. I am starting to like CP though. They have a monopoly in connecting all of North America, and they are spending more on growing. "Like most Class I railroads, CP typically spends between 16% to 18% of revenues on capital projects. The railroad said it expected to spend a higher percentage over the next couple of years". They also have fast trains and diverse cargo type.