I agree that transport is a competitive sector and maybe that is...

I agree that transport is a competitive sector and maybe that is the problem. Someone will always deliver more cheaply so it is hard to raise prices substantially.

Even with the dividends I am 20% down since October 2009. Given that money in the bank would have averaged 4%, a $1000 invested would be $1165 say and my investment in TOLL is worth $800.

OK you can't win them all but it has been a weird market this past 4 years. Market rated firms have under performed:

1) TOL
2) QBE
3) COH
4) BHP for that matter

What has done well? Of course the banks, Wesfarmers, even Telstra has picked up.