Time was – not long ago – the railroads were the darlings of Wall Street. Extraordinary demand for commodities from emerging markets and strong international trade increased demand for rail transport. But then came the winds of September/October 2008: a financial crisis and the ensuing global recession stopped both commodity demand and trade nearly cold, and Wall Street soon soured on the railroads as well, including Burlington Northern Santa Fe (NYSE: BNI). The Street drove UNP's shares down to about $50 per share from over $114 in less than eight months. Warranted? Hardly.



