Thanks very much.
I appreciate your testimony. You're willing to step back and look at the bigger picture, which I find very helpful. I particularly enjoyed your comment about hiring a Sherpa with a backpack. I used to put in hay as a kid at my neighbour's cattle farm, and you'd certainly not want a train to move hay 20 metres from one place to another.
During the last panel, I had a question for the railways about why this is an appropriate comparator group. They talked about the capital investment, and it later came out that in the 500-mile range they can't even compete with trucks. From your perspective, at what point is it no longer competitive to consider trucking?