Short-line railroads are a critical and sometimes underappreciated part of local, national and global supply chains. They provide first-mile and last-mile services to connect shippers and extend the reach of Class I rails. In this Talking Transports podcast, Michael Miller, the CEO of Genesee & Wyoming, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights about the evolution of the company from a consolidator to one focused on organic growth and how it benefits from being private and investing through the cycle. Miller also talks railroad demand, consolidation, regulations, technology, pricing, free cash flow, tariffs and how his wife got him into railroading.