Warren Buffett has been bullish on the railroad industry for quite some time. His Berkshire Hathaway acquired BNSF Railway in 2010 and took the company private. In his annual letter for 2023, Buffett praised railroad employees for working in all kinds of weather and dangerous conditions.
He also described rail as "essential to America's economic future," given that it's the most efficient way to move heavy materials to distant destinations.
"The country can't run without rail, and the industry's capital needs will always be huge," Buffett wrote.
He also expects BNSF's profits to improve going forward.
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