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...Buffett’s sprawling conglomerate, which owns the BNSF railroad and Geico insurer, first invested in the iPhone maker in 2016 at the direction of one of his two investment deputies: Todd Combs and Ted Weschler...
...In 1894, Pullman workers went on strike after George Pullman cut wages, igniting a boycott that affected much of the US railroad network....
...annual letter on Saturday that there were very few deals that offer the kind of transformative impact past takeovers have had, such as its purchases of insurers Geico and National Indemnity or the BNSF railroad...
...There were, he said, few deals that offered the kind of transformative impact past takeovers have had, such as its purchases of insurers Geico and National Indemnity or the BNSF railroad....
...A version of this article was first published by Nikkei Asia on February 7. ©2024 Nikkei Inc. All rights reserved....
...The “Oracle of Omaha”, whose sprawling railroad-to-confectioner conglomerate is now worth $780bn, has enticed investors despite a quarter that revealed the negative effects of the cooling US economy on some...
...But investors said they would be closely scrutinising Buffett’s annual letter next February for any indications that change is afoot at the conglomerate, which counts insurer Geico and the BNSF railroad...
...The company’s operating businesses, which span the BNSF railroad, Geico insurer and aircraft parts maker Precision Castparts, reported a 41 per cent rise in profits to $10.8bn....
...The sprawling conglomerate is now worth more than $780bn, with stakes in Apple, Coca-Cola and Bank of America as well as ownership of the BNSF railroad and Geico insurer....
...The BNSF railroad, with more than 32,000 miles of track that run from Oakland, California to Chicago, showed a 12 per cent drop in revenues....
...“Our railroad is a very good business but its not remotely as good as Apple’s business.”...
...But this year, Abel — heir apparent to lead the $710bn conglomerate that includes the BNSF railroad, private jet operator NetJets and insurer Geico, as well as the other public and private groups Berkshire...
...Its annual report also showed Berkshire increased capital expenditures at both its energy and railroad units....
...The purchase of the railroad operator will enable Canadian Pacific to launch the first rail network spanning Canada, the US and Mexico....
...Revenues at its BNSF railroad surged 17 per cent to $6.5bn, but profits slid as the volumes of freight it shipped declined and it paid higher wages to its employees....
...It is also the latest shift by the conglomerate, which spans the Geico insurer, BNSF railroad and Dairy Queen ice cream purveyor, into blue-chip technology companies....
...Warren Buffett’s Berkshire Hathaway dramatically slowed new investment in the second quarter after setting a blistering pace at the start of the year, as the US stock market sell-off pushed the insurance-to-railroad...
...The results showed the company’s railroad, utilities and manufacturing businesses reporting stronger profits in the quarter, compared to year ago levels....
...An independent Burlington Northern Santa Fe railroad, with revenues of $22.5bn in 2021, would rank 129th by size in the Fortune 500....
...Perhaps, but in 2021, Berkshire’s railroad, power utilities and energy business generated $9.5bn in operating profits, twice what was allocated to insurance-investment income....
...Some shareholders said they were disappointed by the answers Abel offered to the questions directed his way, including over why the performance of Burlington Northern Railroad, which he oversees, had lagged...
...The company reported earlier on Saturday that its operating earnings were little changed from the previous year, with strength from its BNSF railroad and manufacturing units offsetting a sharp drop in profitability...
...Its railroad business (perhaps 15 per cent of the company’s value) is a pseudo-monopoly with terrific pricing power....
...That has played directly to Berkshire, which has an empire ranging from the BNSF railroad, to insurer Geico and metalworking subsidiary Iscar, as well as a $351bn stock portfolio, with multibillion-dollar...
...BNSF reported a 16 per cent jump in earnings to nearly $6bn, propelled by higher shipments of consumer and industrial goods and coal through its railroad....
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