The Successful Investor, in its May, 2015, issue, says buy Canadian Pacific Railway Ltd., recently $232. The Investor said buy 20 times from October, 2001, to November, 2014, at prices ranging from $24 to $231. Assuming an investment of $1,000 for each of the 20 buys, the $20,000 position would now be worth a splendid $87,928. Thanks to new locomotives, better tracks and optimization software, the railway's efficiency has improved. Its operating ratio improved to 64.7 per cent in 2014 from 69.9 per cent in 2013 (the lower, the better). The company is also realizing new value from its real estate holdings. CP recently formed a 50/50 joint venture with Dream Unlimited Corp. The new business, named Dream Van Horne Properties, will redevelop CP's surplus land near its rail lines in Toronto, Montreal, Edmonton and Chicago. In addition, the railway is planning to spend $1.5-billion on upgrades and maintenance of its operations in 2015, up from $1.4-billion in 2014. The company's long-term debt of $5.7-billion at Dec. 31, 2014, is a moderate 15 per cent of its market cap. CP is expected to earn $10.91 a share in 2015; the stock trades at a reasonable 21.3 times that estimate. Buy.