Well, actually, I am the Director of a transport company, and I...

Well, actually, I am the Director of a transport company, and I know that competitors undercutting your contracts is not a tactic that will lose you a lot of business unless you are not giving your customers the best possible service and price you can offer.

If loyal customers are cutting ties to go for a competitor who is a bit cheaper then I am sure they are moving for more reasons than just price.

TOL is a market leader and can offer a better service than someone who buys a few trucks to start up a business. Many have tried to do the same thing against my business but none have succeeded yet because they can't compete with our quality, knowledge, and most importantly, our good relationships...I suspect TOL are similar on a much bigger scale.

The main negative impacts for transport companies are the costs of continuously upgrading your fleet and the volatility in fuel prices.

As far as TOL's price is concerned, I can see a distinct correlation between the historic PE and historic ROE. As TOL has grown through aquisition, it's ROE has suffered, and in turn, so has it's PE and SP.