CSX Corporation

“CSX owns irreplaceable eastern rail infrastructure that generates durable, above-cost-of-capital returns with low permanent impairment risk — but the PSR efficiency era is over, coal is in secular decline, reinvestment runway is narrow, and the stock at $45 (~21x forward P/E, near 52-week high) prices in steady compounding with no margin of safety, offering only ~6-8% annualized expected returns over a decade; the right action is to track it for a 20-25% pullback to the $33-37 range where the moat quality would justify a meaningful position.”