Industry & Services >> Analyst Interviews >> August 31, 1998

Railroad Stocks : Michael H. Lloyd – Merrill Lynch

MICHAEL H. LLOYD is a First Vice President of Merrill Lynch & Co. in the Global Securities Research & Economics Group and the Global Fundamental Equity Research Department. Prior to joining Merrill Lynch, Mr. Lloyd had followed equities since 1972 with H.C. Wainwright & Co., Woolcott Research Associates, Salomon Brothers and NatWest Securities. He has been analyzing railroads in particular since 1974, but has also followed trucking, shipping, special situations, conglomerates and aerospace. A Chartered Financial Analyst, Mr. Lloyd earned his Bachelor's degree in Engineering Sciences from the United States Air Force Academy and his M.B.A. from the Harvard Graduate School of Business Administration. He is Chairman of the railroad subcommittee and was formerly President of the Motor Carrier Analyst Group. Mr. Lloyd currently resides on Long Island with his wife and three children. Profile
TWST: How large a share of the U.S. transportation market do the

railroads have?

Mr. Lloyd: In recent years, the rail percent of intercity freight ton

miles has been in the 40-41 percent