Railroad retirement coverage follows the employer, not the work, so independent locomotive manufacturers' workers earn zero creditable railroad service regardless of their job.
Paycheck deductions reveal which system applies. Railroad employees pay Tier I and Tier II taxes, while Social Security-covered workers see only standard withholding.
Workers should confirm RRB employer coverage, check payroll records for Tier II deductions, and review their Social Security earnings record before building any retirement plan.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
In February, Union Pacific signed a $1.2 billion deal with Wabtec to modernize locomotives, a reminder that the companies building the machines and the railroads running them can sit on opposite sides of a surprisingly important retirement line.

#railroad

Omaha, Nebraska-based Union Pacific Corporation (UNP) operates in the railroad business. Valued at $178.6 billion by market cap, it connects 23 states in the western two-thirds of the U.S. by rail, providing a critical link in the global supply chain, hauling a variety of goods, including agricultural, automotive, and chemical products.
Companies worth $10 billion or more are generally described as "large-cap stocks," and UNP definitely fits that description, with its market cap exceeding this threshold, reflecting its substantial size, influence, and dominance in the railroads industry. UNP's expansive North American network, including its stake in Mexico's Ferromex and strong cross-border freight business, gives it a distinct competitive advantage and supports a diverse customer base. Its long-standing reputation for reliability has built strong brand loyalty and long-term contracts, driving stable revenues and long-term growth.
Dear Sandisk Stock Fans, Mark Your Calendars for August 31
Bill Gates Says 'We Need Time to Prepare' for an Economic Upheaval — Especially the $20-an-Hour Workers Being Replaced by $10-an-Hour Robots
Dear Palantir Stock Fans, Here's What Maven's Billion-Dollar ARR Means for PLTR

#strong

The reigning Super Bowl champion Seattle Seahawks are not content to rest on their laurels.
We know this because they have the second-most starters returning from a championship team in the last 15 years. It would be natural for basically the same group of players and coaches to have the same exact ambition: Continuing what they started with February's Lombardi Trophy victory and going for the legendary repeat.
We also know the Seahawks are not content to sit back based on the money they've thrown around this offseason, and even dating back to last summer. Seattle has spent so much money on key members of its current championship core for the foreseeable future that you almost wonder whether the currency they're using is actually Monopoly money. Where does it keep coming from? Oh right, the Seahawks have the Park Place and Boardwalk squares, as well as all the railroads.
With the Thursday news that the Seahawks had extended All-Pro defensive lineman Leonard Williams to a three-year, $90 million contract (with $56 million guaranteed), their plan for the rest of the decade is in full focus. The Seahawks clearly believe they can wring out another championship or two with the current make-up of their team (they are probably correct), because why else would they throw out $634 million in new contracts over the last calendar year? For the fun of it? C'mon now. By total guaranteed money, the recent extensions awarded over just the last several weeks to Williams, star cornerback Devon Witherspoon, and arguably the NFL's best receiver in Jaxon Smith-Njigba come out to over $273 million.
That's, uh, a lot of cheddar. Let's put it this way: If the Seahawks didn't think they could wrack up a dynasty of sorts, they wouldn't be handing out proverbial blank checks like this all at once. (Note: It would also be a lot harder to spend this money if quarterback Sam Darnold wasn't on such a team-friendly contract. But here we are!)

#seahawks #money #championship #rest

Among other insurance plans, life insurance is the one you buy hoping it doesn't have an untimely payout. Frank wanted it to pay out anyway — to him, and while he was still alive.
And he found a buyer for his policies. Frank, an auditor at a major railroad, told NPR's Planet Money that he sold both policies, worth a combined $1.5 million, to a company, and that when he dies, the money goes to whoever owns them by then. His wife signed away her rights as beneficiary, and he got $430,000 in exchange for the policies.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP
The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes

#money #insurance #jeff

Ben Jones, the "Dukes of Hazzard" star who turned to politics, had died. He was 84.
Jones died from a "massive heart attack," his longtime wife, Alma Viator, confirmed in a post on Facebook Sunday, Aug. 9.
"I lost the love of my life today," Viator wrote. "He was home resting in his favorite chair waiting for the Braves to come on and whoop the Yankees. Ben had the most amazing rich life."
Jones played scruffy mechanic "Crazy" Cooter Davenport in nearly every episode of the hit sitcom, from 1979 to 1985, as well as its 1997 and 2000 TV films. He was later replaced by David Koechner in the 2005 theatrical film and Joel Moore in the 2007 direct-to-video prequel, "The Dukes of Hazzard: The Beginning."
Jones grew up in a railroad shack near Portsmouth, Virginia, and got his start acting in his mid-20s, in the films "Killer's Three," an uncredited role, and "Together for Days." He went on to land other film and TV roles, including an uncredited role in "Smokey and the Bandit," the Richard Pryor and Bill Dee Williams sports comedy "The Bingo Long Traveling All-Stars & Motor Kings" and the action-comedy "Moonrunners," the predecessor to "Dukes."

#life

Updated Aug 08, 2026, 1:52 pm EDT / Original Aug 08, 2026, 8:23 am EDT
Berkshire Hathaway’s
BRK.B
-0.54%
operating earnings after taxes increased 16% in the second quarter to $13 billion on strength at the company’s railroad, energy and manufacturing, service, and retailing unit, the company’s financial results released on Saturday show.
BRK.B
-0.54%
Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

#reserved

Railroad Tier I already incorporates all career earnings, so Social Security reduces Tier I dollar for dollar, leaving total retirement income unchanged.
Tier II, based solely on railroad service, is never reduced by Social Security and functions as a true additional pension on top.
Split-career workers should request a detailed RRB estimate showing gross Tier I, the Social Security offset, and Tier II before choosing filing dates.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
Picture a freight-rail diesel mechanic who spent 20 years turning wrenches on locomotives, then took a job at a manufacturing plant for the next 20. Two careers, two contribution histories, two federal retirement systems paid into. On paper, it looks like a windfall: a Railroad Retirement annuity and a Social Security benefit, both legitimately earned. Then the numbers arrive, and Social Security appears to erase most of one part of the railroad benefit.

#Retirement #split

By Nupur Anand
NEW YORK, Aug 5 (Reuters) - JPMorgan Chase CEO Jamie Dimon is urging corporate leaders to join a U.S.-focused industry group to address risks posed by AI, as corporate America rapidly adopts the developing technology, two sources familiar with ‌the matter said.
Dimon has personally reached out to CEOs of other large and major regional banks and IT companies to enlist them ‌in the initiative, which he is expanding from a group that JPM helped found called the Alliance for Critical Infrastructure, the sources said.
The ACI and Dimon have also communicated with other prospective members in an effort to schedule calls in August to discuss collaboration, the sources said.
The outreach, which started in July, includes over 40 companies spanning financial services, energy, water, utilities, telecommunications, airlines, railroads and other critical infrastructure industries that rely heavily on technology, the sources said. The ACI has not disclosed results of the effort so far.

#dimon #critical #corporate #Companies

Union Pacific Corporation (NYSE:UNP)'s Big Boy 4014, the world's largest operating steam locomotive, has been touring the country this summer, and grown adults keep tearing up when they see it. CEO Jim Vena said the tour east of the Mississippi wouldn't have been possible without one thing: the railroad operating firm's pending merger with Norfolk Southern, since Union Pacific's own tracks run west of the river. In part, the nostalgia tour is a goodwill campaign for the biggest deal in the company's history.
On the business itself, Union Pacific Corporation (NYSE:UNP) reported a strong quarter. Revenue rose 12% to $6.86 billion, beating the $6.71 billion expected, and adjusted earnings came in at $3.41 a share versus $3.24 expected. The company raised its full-year guidance to high-single-digit earnings growth, up from mid-single digits. The stock rose about 2% in premarket trading. Costs rose too; operating expenses climbed 13% to $4.1 billion, mostly from a 63% jump in fuel costs linked to the Iran war.
Union Pacific Corporation (NYSE:UNP) is trying to buy Norfolk Southern in a deal now valued around $71.5 billion, down from an earlier $85 billion price tag as terms have moved with Union Pacific's stock. It would create the first coast-to-coast U.S. railroad. The day before earnings, Union Pacific settled with Canadian National Railway, a major opponent that had been pushing regulators to demand more information. CN will drop its opposition in exchange for expanded Midwest access and a stake in two jointly owned terminal railroads. Vena called it proof the firm is "ready to move forward in the regulatory process." The deal still isn't approved, though. The Surface Transportation Board (STB) paused its review in May and just this week ordered Union Pacific to make employee-impact data public. Rivals BNSF and Canadian Pacific Kansas City are still lobbying against it, and some shippers and state attorneys general remain opposed. The companies still expect to close the deal in the first half of 2027.
That raises a real question. Is this merger clearing its last real hurdles, or did the CN settlement just remove one opponent out of several?
The core business (Union Pacific's actual railroad operations) is performing well on its own, guidance beat and rose, and pricing power held up despite surging fuel costs. The CN settlement removes a credible opponent and comes with political tailwinds too: Trump has publicly backed the merger and replaced a regulator who could have opposed it. Union Pacific Corporation (NYSE:UNP) and Norfolk Southern say the deal would save shippers $3.5 billion a year and remove 2.1 million trucks from the road. Wall Street responded fast: Baird, RBC, and JPMorgan all raised price targets this week, with RBC citing the CN deal directly as strengthening the merger's case.

#union #deal

The western rival of Union Pacific said that the carrier's latest regulatory filing doesn't change the fact that the merger with Norfolk Southern will raise rates for shippers, and prices for consumers.
"We are continuing to review the additional information submitted at the request of the Surface Transportation Board in regard to the proposed UP-NS merger," said BNSF (NYSE: BRK-B) President and Chief Executive Katie Farmer, in a statement Tuesday. "Despite UP (NYSE: UNP) and NS's (NYSE: NSC) fourth attempt to submit a complete application, the bottom line remains the same. UP and NS have not changed the core of their proposal that fails to demonstrate how combining two major railroads into a single carrier would preserve – much less enhance – competition as required by the STB's merger rules.'
The merging railroads on Monday completed the supplemental filing requested by the STB when it conditionally accepted the second merger application in late May.
"UP and NS highlight several so-called new aspects of their application, but they are more of the same – processes with multiple caveats that are difficult to understand, available to very few customers and only available for very short periods of time," Farmer said. "They do nothing meaningful to mitigate the massive anticompetitive impact of 50% market share held by one company."
The combined UP-NS would claim around 37% of North American rail traffic, according to data from Railfax. The partners' just-announced operating agreement with Canadian National (NYSE: CNI) would add another 13% share to the total.

#merger #same #Share

On July 23, both Union Pacific Corporation (NYSE:UNP) and Norfolk Southern Corporation (NYSE:NSC) delivered their Q2 results, giving investors better insight into which railroad stock is the better play. While both companies reported strong results, NSC's investment case is now tied to the possible acquisition. Investors must weigh UNP's standalone growth potential against NSC's risks and upside arising from the merger.
Union Pacific Corporation (NYSE:UNP) delivered an operating revenue of $6.9 billion and an adjusted EPS of $3.41, marking a surprise of 3% and 5%, respectively. Meanwhile, the company reported 6% EPS growth, with operating revenue up 12% YoY. Management sees full-year reported EPS growth in the high single-digit range, raising its 2026 outlook.
The strong results were mainly driven by freight revenue, which grew 12%, due to volume growth, fuel surcharge revenue, solid core pricing, and operational efficiency. The company reports being 10 basis points better on the operating ratio, standing at 59.2%.
ankush-minda-7KKQG0eB_TI-unsplash
A key highlight of the results was the company's intermodal strength, as it delivered its fourth consecutive record quarter in volume and revenue. Thanks to truck capacity and share gains, private ******* et, rail ******* et, and parcel volumes were all up double-digits.

#revenue #corporation #delivered

Interested in Norfolk Southern Corporation? Here are five stocks we like better.
Norfolk Southern posted a stronger-than-expected Q2, with adjusted EPS of $3.52, a 65.5% adjusted operating ratio, and 7% growth in both net income and earnings per share. Revenue set records as volumes improved across merchandise, intermodal, and coal.
Executives said volume growth is creating near-term service pressure, but the railroad is already seeing improvement in July. The company is focusing on better originations, lower terminal dwell, faster train velocity, and tactical operating changes to restore network fluidity.
Cost and fuel inflation are pushing up full-year expense guidance, with 2026 operating expenses now expected at $8.8 billion to $8.9 billion, up from the prior range. Norfolk Southern kept capital spending at about $1.9 billion and reiterated at least $150 million in 2026 cost reductions.
This Railroad Stock Is Chugging Along to a New All-Time High

#expected

By
July 22, 2026 7:57 pm ET
Listen
(2 min)
Union Pacific UNP 4.02%
increase; up pointing triangle
reached a deal with Canadian National Railway CNR 2.05%
increase; up pointing triangle
to give the Montreal railroad further access in the Midwest in exchange for ending its opposition to Union Pacific’s $71.5 billion merger with Norfolk Southern NSC 5.32%
increase; up pointing triangle
.

#increase #pointing #canadian #railway

J.B. Hunt Transport Services is seeing heightened interest for its intermodal and dedicated services, given a steady exodus of non-compliant drivers and following the Supreme Court's ruling widening liability exposure for brokers. The changing landscape is forcing shippers to seek "safe, secure and reliable capacity," the company said Wednesday in conjunction with its second-quarter report, which was significantly better than ***** ysts expected.
The Lowell, Arkansas-based company's second quarter marked a record for intermodal volumes. It reported a 10% year-over-year increase in loads, outpacing 8% y/y growth in total intermodal carloads on the U.S. Class I railroads. (North American containers were up 5% y/y).
"[Intermodal] conversion activity is at levels we have not seen in more than a decade," said Darren Field, president of intermodal, on a Wednesday evening conference call with ***** ysts.
The company's dedicated truckload pipeline ended the period at an all-time high.
J.B. Hunt's (NASDAQ: JBHT) operating leverage was again evident in the period. It grew operating income 32% y/y to $259 million on a 19% increase in revenue. The company has removed $135 million in structural costs over the past year through AI-led and other automation initiatives.

The 2026 Maryland Little League 10-12 Baseball state championship tournament will be held in Washington County starting Friday, July 17. Here's what you need to know:
The host league for the 2026 Maryland Little League 10-12 Baseball state championship tournament is Halfway National Little League, located at Marty Snook Park in Halfway.
The seven Maryland district champions that qualified for the state tournament are:
District 1: Hub City Little League (Hagerstown)
District 2: Brunswick Railroaders Little League

Westinghouse Air Brake Technologies Corporation (NYSE:WAB) is one of the Best Railroad Stocks to Invest In According to Billionaires. As of Q1 2026, 20 billionaires held the stock. On July 8, Stephens resumed coverage of Wabtec with an Overweight rating and a $320 price target. The firm said the transport cycle was broadly improving and saw more fundamental upside than downside, with momentum potentially carrying into 2027. Stephens also said rising earnings could continue to command historically elevated valuation multiples.
A long freight train moving across the landscape, full of cargo transported by the company.
Wabtec's business gives it exposure to both new rail equipment and the aftermarket. According to its 2025 annual report, the company has an installed base of nearly 24,600 locomotives. Wabtec said this base creates aftermarket opportunities in replacement parts, technology upgrades, maintenance, overhauls, and modernization work. The company also noted that customers often look to original equipment suppliers for safety- and performance-related parts and upgrades. This gives Wabtec a revenue base tied not only to new locomotive deliveries but also to equipment already operating across global rail networks.
Westinghouse Air Brake Technologies Corporation (NYSE:WAB), commonly known as Wabtec, provides equipment, systems, digital solutions, and value-added services for freight rail, transit rail, mining, marine, and industrial markets.
While we acknowledge the potential of WAB as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

Canadian Pacific Kansas City Limited (NYSE:CP) is one of the Best Railroad Stocks to Invest In According to Billionaires. As of Q1 2026, 12 billionaires held the stock.
On July 7, CPKC said it set new June monthly grain records in both Canada and the United States. The company moved 2.8 million metric tonnes of Canadian grain and grain products in June, beating the previous June record from 2020, and said the second quarter also set records for Canadian grain tonnage and carloads. In the United States, CPKC moved 2.5 million metric tonnes of grain in June and 7.5 million metric tonnes in the second quarter, both records for those periods. This is a directly relevant rail operating story because grain is a core bulk commodity for the network. It also shows the value of CPKC's cross-border rail footprint when agricultural volumes are strong, especially since the company's system links Canada, the United States, and Mexico under a single operator.
Canadian Pacific Kansas City Limited (NYSE:CP) operates a single-line transnational freight railway linking Canada, the United States, and Mexico, with access to major ports and key North American markets.
While we acknowledge the potential of CP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.

Greenbrier Companies Inc. (NYSE:GBX) is one of the Best Railroad Stocks to Invest In According to Billionaires. As of Q1 2026, 11 billionaires held the stock.
Pixabay/Public Domain
On July 1, Greenbrier reported third-quarter results that showed a mixed but useful picture for rail equipment. Aggregate gross margin improved 230 basis points sequentially to 14.1%, while the owned lease fleet grew 23% sequentially to 20,600 units. Lease fleet utilization remained strong at 99%, and the company received new railcar orders for 2,200 units valued at $340 million. Its backlog stood at 13,800 units with an estimated value of $2.0 billion as of May 31. That is the kind of update that works for a railroad-stock list because it links railcar manufacturing, leasing, and replacement demand within a single business. Greenbrier is not a Class I rail operator, but its order book and leasing utilization are closely tied to freight rail capital spending and shippers' equipment needs.
Greenbrier Companies Inc. (NYSE:GBX) supplies equipment and services to global freight transportation markets, including railcar manufacturing, leasing, fleet management, maintenance, parts, and related railcar services.
While we acknowledge the potential of GBX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

Union Pacific and Norfolk Southern today submitted the first portion of information requested by the Surface Transportation Board when it conditionally accepted their revised merger application May 28.
The STB set a deadline of July 27 for the partners to submit the additional data. UP (NYSE: UNP) and NS (NYSE: NSC) earlier said that the data would come in two filings. The start of the formal evaluation and environmental review of the proposed $85 billion merger was delayed pending the new submissions. But, the STB spent months gathering data prior to the railroads' initial merger application in December 2025.
The second filing is expected to cover the enhanced competition aspects of the merger stipulated by the STB.
Tuesday's filing addresses the STB's questions regarding control of local railroads Terminal Railroad ******* ociation of St. Louis (TRRA) and Kansas City Terminal Railway (KCT), and freight car equipment cooperative TTX. TRRA is jointly owned by UP, BNSF (NYSE: BRK-B), CSX (NASDAQ: CSX), CN (NYSE: CNI), and NS, with UP having the largest share. BNSF, UP, NS and Canadian Pacific Kansas City (NYSE: CP) share ownership of KCT.
Union Pacific and Norfolk Southern reiterated in their filing that they do not control TRRA and KCT, which handle interchange traffic between Class I carriers. They offered to divest their stakes in order to preserve that neutrality.

CSX underscored its industry primacy in Washington with a U.S. 250th anniversary event that highlighted its claim as the sole Class I operating in the nation's capitol.
The Jacksonville, Fla.-based carrier's All Aboard for America 250 business special rolled into Washington Union Station behind engines 2026 and 250, the first public exhibition of the commemorative locomotives marking the USA 250th anniversary.
"CSX (NASDAQ: CSX) is pleased to be the only Class I freight railroad operating in Washington, D.C., and we are honored to be part of this celebration in our nation's capital," Chief Executive Steve Angel told the gathering. "We are very proud of our history here, and of the work our railroaders do every day across our national network to serve our customers, communities, and country."
With the painting of the special units completed in Waycross, Ga., the train made its inaugural run crewed by engineer J.R. Walker and conductor C.A. Bydume.
Subscribe to FreightWaves' Rail e-newsletter and get the latest insights on rail freight right in your inbox.

Union Pacific Corporation (NYSE:UNP) is one of the best growth stocks to buy according to billionaire Dan Loeb. On June 3, Union Pacific Railroad, a Union Pacific Corporation (NYSE:UNP) subsidiary, unveiled its newest commemorative locomotive, No. 4547. The unveiling took place at a ceremony near Corinne, Utah, and the locomotive immediately embarked on its inaugural freight mission, which involved hauling ******* e Launch System solid rocket motor segments for NASA's Artemis III lunar exploration program. The program is a collaboration with aerospace and defense company Northrop Grumman and locomotive manufacturer Wabtec.
Proxima13/Shutterstock.com
Union Pacific said in a statement that locomotive No. 4547 is a dedication to President Donald J. Trump. This makes it the third engine in the company's presidential locomotive series. The first two are No. 1616, which honors President Abraham Lincoln, who signed the Pacific Railway Act in 1862, effectively founding Union Pacific, and No. 4141, which recognizes President George H.W. Bush.
The company detailed that its CEO Jim Vena was joined at the christening ceremony by Utah's House Speaker, Senate President, and senior officials from NASA, Northrop Grumman, and Wabtec. It added that No. 4547 was also accompanied on the maiden journey by No. 1616, the Lincoln commemorative engine.
The locomotive's design also commemorates America's 250th anniversary. Union Pacific said this is a theme it has been weaving across several initiatives this year, including a cross-country tour by its famed Big Boy No. 4014 steam locomotive.

With the recent 130th anniversary of the Dow, let's take a closer look at why this old and narrow index still commands so much attention.
Until the S&P 500 began circulating in the 1950s – and then NASDAQ in the 1970s – the Dow was the most widely quoted measure of the market's health each day, but it was not the first market index, or even the first "Dow" measure. Dow Jones & Company was founded in 1882, and its first index, widely known as the "Railroad Average," was created in 1884 and consisted of 11 stocks, all but two of which were railroads.
The first Dow index was published daily in a news sheet that later became The Wall Street Journal, originally called Customer's Afternoon Letter. In the mid-1890s, after these rails were "derailed" in the Panic of 1893, Dow Jones decided to diversify, so 12 industrial stocks were chosen to create a wider diversity:
American Cotton Oil Company
American Sugar Company

With an annual dividend yield of 2.13%, Union Pacific Corporation (NYSE:UNP) is included among the 12 Best S&P 500 Stocks to Buy for Dividends.
Union Pacific Corporation (NYSE:UNP) connects 23 western US states, providing efficient railroad transportation, freight shipping, logistics, and rail safety services.
Union Pacific Corporation (NYSE:UNP) held an investor conference last week in which the company reiterated its key financial and operating **** umptions for the year. The firm is expecting inflation, excluding fuel, for the year to be around 4% compared with 2025, while depreciation is forecasted to rise by 4% YoY. Moreover, it is projecting merger-related costs of about $25 million per quarter and a tax rate of approximately 24%.
Union Pacific Corporation (NYSE:UNP) also reaffirmed its capital expenditure target of about $3.3 billion for 2026. The investment will go toward infrastructure replacement, capacity and commercial facilities, technology investments, and locomotive and equipment upgrades.
Union Pacific management also outlined the company's volume outlook across business segments for the year. The railroad operator remains optimistic in areas such as grain and grain products exports, supported by soybeans and renewable fuels policy clarity. Moreover, it is expecting growth in industrial chemicals and plastics tied to new business wins and plant expansions.

Sustainable Growth Advisers (SGA), an investment management company, released its first-quarter 2026 investor letter for its "Global Growth Strategy." A copy of the letter can be downloaded here. The SGA Global Growth Portfolio returned -13.6% (Gross) and -13.8% (Net) compared to the MSCI ACWI return of -3.2% and the MSCI ACWI Growth return of -7.7%. AI disruption narratives significantly affected markets in the first two months of the quarter, leading to declines in software, information services, payments, and insurance brokers. In March, geopolitical tensions in the Middle East caused a spike in oil prices, contributing to market volatility and prompting investors to adopt a more cautious stance. The firm believes prioritizing high-quality businesses with strong balance sheets, durable cash flows, and diversified end markets provides resilience against short-term geopolitical shocks. In addition, you can check the Strategy's top 5 holdings for its best picks for 2026.
In its first-quarter 2026 investor letter, SGA Global Growth Strategy highlighted Canadian Pacific Kansas City Limited (NYSE:CP). Canadian Pacific Kansas City Limited (NYSE:CP) is a leading Canadian company that owns and operates a transcontinental freight railway. On June 16, 2026, Canadian Pacific Kansas City Limited (NYSE:CP) closed at $89.15 per share. One-month return of Canadian Pacific Kansas City Limited (NYSE:CP) was 3.25%, and its shares gained 11.23% over the past 52 weeks. Canadian Pacific Kansas City Limited (NYSE:CP) has a market capitalization of $79.14 billion.
SGA Global Growth Strategy stated the following regarding Canadian Pacific Kansas City Limited (NYSE:CP) in its Q1 2026 investor letter:
Canadian Pacific Kansas City Limited (NYSE:CP) was a contributor to performance during the quarter, as solid operational execution helped offset end‑of‑year volume softness. While certain end markets such as automotive, forest products, and intermodal remained pressured by macro factors and supply chain disruptions, strong Precision Scheduled Railroading (PSR) execution drove meaningful margin strength, with management highlighting service metrics and discipline around controllable costs. Confidence improved around a 2026 inflection, supported by multiple factors including a record Canadian grain crop expected to move in the first half of 2026, easing auto chip shortages, and tariff headwinds for aluminum and paper beginning to lap in the second half of the year. The U.S. government's focus on removing non-domiciled truckers and commercial drivers license (CDL) applicants from the labor pool seems to be driving freight transportation costs higher and creating a favorable pricing environment for the company. CPKC is also planning a 5% share repurchase program at attractive prices. CPKC's unique tri-national network spanning the U.S., Canada, and Mexico, positions the company to benefit disproportionately from an eventual freight and industrial demand recovery, as well as

Spending on artificial intelligence (AI) infrastructure is booming, with related capital expenditure (capex) expected to surpass $700 billion this year. While that is a staggering amount, Goldman Sachs said it doesn't see spending slowing next year, projecting it could reach between $920 billion and $1.4 trillion.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
At $1.25 trillion, that would be about 3% of gross domestic product (GDP), which would still be below some past technology booms, including the U.S. and U.K. railroad build-outs in the late 1800s.
Let's look at three AI stocks to own as infrastructure capex continues to soar.
Nvidia (NASDAQ: NVDA) has been the biggest beneficiary of early AI infrastructure spending, and it remains well-positioned to be one of the biggest winners. The stock is also attractively valued, trading at a forward P/E of just 16 times fiscal 2028 (ending January 2028) ****** yst estimates.

MANHATTAN (KSNT) – This year is the 50th anniversary of the first case of herbicide resistance in Kansas, and Kansas State University is reflecting on what has been done and what’s left to do with the issue.
The first known case of herbicide resistance in Kansas came in 1976 when populations of kochia, an early spring weed/herb native to Europe and Asia, growing near railroads were found to be resistant to atrazine, a popular herbicide used in corn and sorghum fields. Today, this resistant kochia can be found across the state.
Kansas Livestock ***** ociation approves policies for 2026
Since