Many thanks
It is an apples/oranges comparison, but we like both names. CP is in the process of integrating its large acquisition with Kansas City Southern. We think as soon as the integration process is complete, and debt is paid down to reasonable level, and cost synergy kicks in, CP should continue to generate healthy cash flow that could be returned to shareholders through buybacks. We think investors need some patience for CP. Having said that, if we had new cash today, we would be willing to add to FSV at the current valuation, we think FSV’s underlying business is great, and could be poised for an acceleration in topline growth as real estate market recovers. We do not like switching for the sake of it, but if only one is to be owned, we would lead to FSV today, but lessso if capital gains taxes apply to a CP sale.