4FR Investment Thesis Norfolk Southern (NYSE:NSC) produced a solid set of Q2 results which saw the firm improve their operating ratio, margins and profits despite essentially flatline YoY revenue growth. I admire the entire management team's determination to reduce the railroad's operating ratio to below 60% and believe the proven efficiency improvements in Q2 increase the credibility of these goals. My base-case valuation model suggests shares are trading at a fair valuation, which combined with the ra ...