I found the second article in the beginning of my research, and then I went back and read the first article, which the author references in the introduction the latter. His point in the first article is that Union Pacific is a monopoly, but it ought to be viewed as a bearish investment. Kobayashi-Solomon writes that UP’s pricing power is “offset by the threat of a trade spat with a major trading partner like Mexico or China” (What Does A Monopolist Look Like? It Looks Like Union Pacific pg. 4). The second article is backing up the argument from the first article by showing that UP’s net cash flow is negative and the Debt-to-Equity ratio is very high. I don’t know a whole lot about the shipping industry, but I do like most of UP’s figures.
