Canadian Pacific Railway (CP) remains a strategically important North American transportation asset, but its recent financial deterioration cannot be ignored. Warren Buffett, Charlie Munger, Robert Vinall, and Pulak Prasad form the majority view that CP's long-term franchise value is intact, yet the integration of Kansas City Southern has severely compressed returns on invested capital (ROIC) from 15%+ pre-merger to just 6.3% TTM. This collapse signals a temporary but significant impairment to capital efficiency, and therefore, the stock should not be purchased at current levels. Buffett and Munger emphasize that while CP’s network and pricing power create a durable moat, the business is currently earning subpar returns relative to its cost of capital. The majority believes that management must prove its ability to restore ROIC to 12–15% before the stock can be considered attractive again. Free cash flow volatility (−$10B in 2021) and elevated debt ($22.6B) further constrain flexibility, making current valuations of ~$72 per share too rich. Vinall and Prasad highlight CP’s long-term resilience and potential for recovery once integration synergies materialize, but they agree with Buffett that the margin of safety is absent. The fair value range of $55–65 per share reflects normalized earnings power assuming ROIC recovery and 10–12x mid-cycle earnings multiples. Until evidence of sustained improvement emerges, the prudent stance is to wait for a lower entry point. The majority therefore recommends a 'Buy Lower' stance, with a start buying price around $55 per share. Catalysts include successful merger integration and ROIC normalization by 2026, while risks include permanent ROIC impairment and regulatory headwinds that could cap rate increases.