I would say that it is reasonable in a free market, but the railways have a franchise where, as you said, there are incredible barriers to entry. In fact, you could not make a railway today as you did. Most of the rail that is used today was put down in the 1920s, so there hasn't been a massive increase in the amount of track. Maintenance, obviously, is extremely high.
You look at railways, and they have operating ratios pushing 0.6. That means they have a lot of excess cash that's not going into—