The Canadian Q3 earnings season has begun with Canadian National Railway reporting slightly better than expected earnings. We had last rated it as a Buy on July 27 at $88.40. While we have not updated it for this latest earnings release I see no reason why the rating would change given the price is now $87.07. As a very long term investment, I like CNR. Its tracks and right of ways are irreplaceable assets. People talk about Gold or land as a real asset and seem to think stocks are “paper” assets. A railway seems pretty real to me.