In short: His April-2025 pick, +40% and hitting 52-week highs after the constructive Union Pacific deal. "We're holders. We have not started trimming yet… I'd expect we'll go through all-time highs" — though "getting into the later innings of that relative trade."
CN is one of North America's big freight railways and was another of his April-2025 picks, up about 40% — but it took a long time to work, with 2025 being a brutal year for rail volumes generally.
His original reasoning is the template for this whole episode: investors were "incredibly negative" on rails, but "there's nothing structurally broken" — the pressure was cyclical, not permanent. So he bought and waited for better days.
Now the stock is hitting 52-week highs, helped by a smart piece of dealmaking: CN dropped its opposition to the Union Pacific / Norfolk Southern merger and in exchange got access to part of Union Pacific's network. He is still a holder, has "not started trimming yet," and expects all-time highs — but concedes he's in "the later innings" of the trade, meaning most of the outperformance is likely behind it.
37:43And we're going to see, I believe CN Rail report numbers tomorrow. They just had a very constructive announcement last night with Union Pacific. The stock has been hitting 52-week highs now day after day and we've enjoyed that. We're holders of it. We have not started trimming yet. I think that there's more here on CN Rail.
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