This book aims at building strategic insights into the liberalizing European long-distance passenger rail business. Its outcome is the design of three generic business strategies for competing long-distance passenger train operators. The European Union’s efforts to break up national European railway monopolies as well as developments of the already liberalized airline industry were taken into account. An extensive research in scientific journal articles, research books, annual reports and other company publications forms the basis of the analysis. In addition, three expert interviews with railway strategists were conducted to include comprehensive knowledge of early challengers and historic incumbents into the strategy development process.