North American railroads are pricey; Greenbrier offers a cheaper, promising alternative for investors.

North American railroads like UNP, NSC, CSX, CNI, and CP are currently valued above historical averages, limiting upside potential for new investors. However, Greenbrier (GBX) presents a contrarian opportunity, trading below normal multiples with a $2.1 billion backlog and a 2.9% yield despite some near-term challenges. The analyst recommends waiting on rail operators due to their premium pricing but sees GBX as a buy for those willing to accept volatility and cyclical risks. This insight helps investors consider alternatives within the rail sector amid rich valuations.