The Investment Reporter, in its Feb. 5, 2016, says buy Canadian Pacific Railway Ltd., recently $165.74. The Reporter said buy 17 times from July 5, 2002, to Aug. 7, 2015, at prices ranging from $31.62 to $230.28. Assuming an investment of $1,000 for each of the 17 buys, the $17,000 position would now be worth $45,081. The railway earned $10.10 a share in 2015 up from $8.50 a share the year before. Revenues rose by 1.4 per cent to $6.71-billion, while operating costs decreased by 4.4 per cent to $7.09-billion. CP's operating ratio improved to 61 per cent in 2015 from 64.7 per cent last year (the lower, the better). In 2016, the railway expects make capital expenditures of $1.1-billion. It can afford to do so; it generated $2.18-billion of cash flow in 2015, which comfortably exceeds investments of $1.12-billion and dividends of $226-million. CP has rail networks in the U.S. and Canada. With the Canadian loonie continuing to fall, the railway's foreign exchange earnings should improve in 2016. CP is expected to earn $11.50 a share this year, giving a forward P/E ratio of 14.4. The stock remains a buy for long-term price gains and small dividends.