The Successful Investor, in its October, 2015, issue, refreshes its buy of Canadian Pacific Railway Ltd., recently $190. The Investor said buy 21 times from October, 2001, to May, 2015, at prices ranging from $24 to $232. A $1,000 investment for each of the 21 buys would now be worth a pleasing $72,770. In the three months ended June 30, 2015, the railway earned $404-million, up from $371-million in the same period a year earlier. Per-share earnings increased to $2.45 from $2.11, on fewer shares outstanding. CP's operating ratio improved to 60.9 per cent from 65.1 per cent (the lower the better) in the second quarter of 2015 compared with a year ago. CP recently formed a 50/50 joint venture with outdoor advertising firm All Vision to maximize revenue from the 700 billboards the railway owns along its track in Canada and the United States. In a separate joint venture, CP and Dream Unlimited Corp. will redevelop CP's surplus land near its rail lines in Toronto, Montreal, Edmonton and Chicago. In light of the slowing economy, the railway has cut its 2015 earnings forecast to between $10 and $10.40 from $10.63. The stock trades at a reasonable 18.6 times the midpoint of the new range. CP continues to be a buy.