Tuesday, November 3, 2009

Buffett wins real game of Monopoly

Posted By on Tue, Nov 3, 2009 at 10:20 AM

Super-investor Warren Buffett purchased Burlington Northern Santa Fe railroad today for $34 billion, which I think means he can continue to pass "Go" and collect $20. Buffet, who is the second richest man in America, told CNBC that his biggest purchase ever is a "bet on the country."

"I basically believe this country will prosper and more people will be moving more goods 10, 20, 30 years from now and the rails will benefit," he told the network.

BNSF, of course, controls more than 90 percent of the rail miles in Montana.

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In a release this morning, Montana Farmers Union President Alan Merrill didn't sound excited about the development.

"This purchase will not diminish [BNSF's] market dominance or its detrimental effect on Montana’s farmers. In fact, the purchase could lead to more consolidation and concentration of the rail industry," the release said. “Montana agriculture generates great wealth for the state, and our goal for Montana’s farmers is not expected to change. We will continue to work at the federal legislative level and strongly urge Congress to continue to move forward with plans to overhaul the railroad regulatory oversight system.”

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