I also listened to the conference call, what I heard is the following.

CNI financially is in very good shape, increasing free cash flow which may be used for dividend increase or stock buy back.

Operationally, CNI is the best run RR in the world, running trains faster, while also increasing their length. CNI is very disciplined, investing money wisely in projects that have a payback. Going to make more use of distributed power. Will be meeting soon to discuss opportunities in Chicago.

I don't think an acquisition is in the cards, although they did say they were open to businesses, outside of railroads, that could be a good tie-in to the RR.

Best thing I heard was if the economy rebounds, CNI is poised to produce record free cash.

Great company, I am happy to be a shareholder.