The trend we have seen the to this point this year is holding. If one looks at the top # for total rail traffic it is essentially flat YOY at 666k cars v 672k in ’11. If one factors in the collapse in coal, the 28k car difference means ’12 numbers are comfortably ahead in ’11 in the other categories.
Here is the coal chart:’
Seth Klarman: Investing Is Art First, Craft Second And Science Third
Seth Klarman is considered to be one of the best value investors of all time. Unfortunately, he does not give many interviews or lectures. Q2 2020 hedge fund letters, conferences and more Luckily, those interviews and speeches that he does give are stuffed full of information and highly insightful comments that value investors can learn Read More
Here is the total traffic:
So, what rail traffic is telling us is we are still seeing an economy that is expanding YOY which means we will continue to see positive trends to both GDP and employment numbers. The even more encouraging news is the “what” is being hauled number. Stone products, forestry products and metal are all at multi-year highs. These are the “building” components and this means manufacturing and construction continues to grow and that is VERY encouraging.