For example, the Caisse de dépôt et placement du Québec and Canadian pension plans—OMERS, Teachers, CPPIB, and PSPIB—have all been investing in passenger railway networks around the world for the past 15 years. They are getting a return on their investments. Therefore, a passenger train network can be operated profitably as long as the infrastructure is adequate, the schedules are arranged based on the clients' needs, and the goal is commercial.
Let's take the example of CN. Until 1995, CN received almost $1 billion a year in grants from the Government of Canada. Today, CN generates $1 billion in profits per quarter. Has the freight transportation industry changed? The freight cars, tracks, and business models are all the same.