English transcript

If you own a stock in a company and they announce that maintenance capex is going to be twice what

we thought it was going to be, i.e. the amount of money we need to spend to keep the trains running

on time is twice as much, the stock should go down a lot. If a company announces that business

demand is so great that in order to meet the demand they need to build more factories and we

can earn very high returns on the product that we're shipping, you should applaud when they're

doubling the amount of money that they're spending and we think this is squarely in

the growth capex category as opposed to the maintenance capex category.