The first quarter may have marked the bottom for freight markets, even as the outlook remains mixed with a high degree of uncertainty. In this Talking Transports podcast, Ravi Shanker, Morgan Stanley’s managing director and lead analyst for North American freight transportation and airlines, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his takeaways from 1Q earnings and his longer-term outlook. Shanker expects the truckload market cycle will turn on increased demand over an acceleration of supply leaving the market as inventories are restocked. He also talks about precision-scheduled railroading, focusing beyond operating ratio for railroads, parcel markets, airlines service, less-than-truckload valuation and how a quote in Car and Driver magazine changed his life.