Activist hedgie Bill Ack­man gave his Feb­ru­ary 6, 2012 Cana­dian Pacific proxy fight pre­sen­ta­tion, in which he details his case for a change of man­age­ment which would unlock value at Canada's sec­ond largest rail­road. Its a fas­ci­nat­ing look inside the think­ing process of one of this generation's most suc­cess­ful activist investors.

There is also a his­tor­i­cal look at Ackman's past suc­cesses to serve as an indi­ca­tion of what is pos­si­ble for the Cana­dian rail­road, whose shares have traded at val­u­a­tions well below its North Amer­i­can peers.

At the heart of his proxy fight, Ack­man con­tends that Fred Green, cur­rent CEO is one rea­son the com­pany has under­per­formed, and that Hunter Har­ri­son, his nom­i­nee, would be a more suit­able CEO, in lead­ing a trans­for­ma­tion of Cana­dian Pacific.

Among the fac­tual argu­ments is this nugget:

"Cana­dian Pacific is 70% the size of Cana­dian National, yet has an enter­prise value 40% as large, due to its infe­rior prof­itabil­ity and asset utilization."

Here in the slid­edeck below is the com­plete pre­sen­ta­tion — fullscreen it for the bet­ter read, or download:

Per­sh­ing Square — 2012-02-06 — CP

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