Buffett's Gloomy View of Our Economic Future?

Posted by: Michael Mandel on November 03

This morning Warren Buffet’s company Berkshire Hathaway announced that it was buying Burlington Northern Santa Fe in a deal valued at $44 billion. In the announcement, Buffett called the purchase an “all-in wager on the economic future of the United States.”

Is Buffett right that a bet on Burlington Northern is a bet on the economic future of the U.S.? Because if Buffett is right, we’ve got real problems.

Let’s take a look at what Burlington Northern carries. Its major freight revenues (as of 2008) come from coal (23% of revenues); agricultural products (20%); international intermodal shipments of consumer products, which is probably mostly imports (16%); construction and building products (14%); and petroleum products (4%).

In essence, Buffett is betting that the next ten years will look a lot like the last ten: A lot of growth in imports, construction, energy and agricultural products. If he thought that innovation was going to be the driver of the next ten years—biotech, energy, and infotech—he wouldn’t be buying Burlington Northern.

I’m not saying that Buffett is wrong. His skepticism about the tech sector in the late 1990s, and innovation in general, turned out to be right on the mark. Berkshire Hathaway stock over the past decade has risen by 84%, whil the S&P 500 is down by 18%.

But his “all-in wager on the economic future of the United States” paints a remarkably gloomy picture of where we are heading.



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Reader Comments

AJay

November 3, 2009 12:58 PM

Except that Buffett himself has repeatedly said that he doesn't invest in IT or other future tech because he simply doesn't understand those fields. He's always careful to say that he invests in old-line companies that have been around forever because their business model is more proven and he doesn't have tech domain knowledge, and he recommends the same for others: invest in what you know. For you to use this long-standing pattern of Buffett's to write a misleading post like this is just silly, or downright malicious as you presumably knew all this.

Viking

November 3, 2009 12:59 PM

Once again Mike shows his tunnel vision.A railroad is a two way street that can carry good from the coasts to the heartland (imports),but can also carry agricultural products and coal from the heartland to the coasts (exports).My vision of the future is that we will have to change from running a trade deficit to running a trade surplus,in order to start paying back all the money we borrowed from foreigners in the last decade,so under that senario the railroads will serve a vital purpose and therefore potentially bo a good investments.In addition the rightaway that the railroads own along their tracks can potentially be used for transmission of electricity and natural gas.

DF

November 3, 2009 02:30 PM

He might be also betting that fuel prices are going to go up a lot in the future (probably a reasonable bet). Moving freight by rail is a lot more fuel efficient than moving freight by truck.

DF

November 3, 2009 02:31 PM

He might be also betting that fuel prices are going to go up a lot in the future (probably a reasonable bet). Moving freight by rail is a lot more fuel efficient than moving freight by truck.

NotSurprised

November 3, 2009 02:33 PM

I'm not surprised after reading that nearly half of all U.S. children will be on food stamps at some point during childhood. The future of America is looking very gloomy.

OhioOrrin

November 3, 2009 02:55 PM

this is encouraging.

buffett would buy a prime logistics mover before recovery gains momentum.

where u wanna bet Burlington Northern Santa is a year hence?

Paul

November 3, 2009 02:57 PM

You folks are incredibly narrow-focused. BNSF owns thousands of miles of right-of-way, that could possibly be shared with electric transmission towers, which then feed wind-power to Mid-America's customers.

RB

November 3, 2009 03:11 PM

Another missed point is the need and the move to rail commuters from coast to coast. Also changing what is hauled can be adjusted at the drop of a hat. It is like the airlines, having the rail routes in place will open up a huge opportunity for both of these issues in the future.............it is like owning the water rights where a city wants to build.

CB

November 3, 2009 03:22 PM

I think MM has blinders on as well. If you just a little about the current railroad industry, you would know every one of the North American and Mexico competitors are looking to diversify what they can ship and to be more efficient in shipping it. The last one is critical. This means more efficient locomotives and shipping containers. It also means less reliance on high cost fuel (fuel efficient GE manufactured engines). The industry is also working to improve the infrastucture so they can compete more readily with trucking (which is more nimble than rail) by improving the integration and time efficiency of the rail system overall. Buffett is getting in around the time these changes will be implemented (5 year plan) and should bear fruit. You must always remember, no matter the freight, ground transport is limited to a few choices in the U.S. If it is not trucked in the entire trip, they must use the rail system or use the most expensive method, air transport. In a tough economy, rail always makes sense. Look for innovations and changes in structure to happen during Berkshire tenure.

Investor

November 3, 2009 03:25 PM

This is a very narrow interpretation of Buffet's comment. Not that I can phrase his comments any better, but essentially Buffet's bet is that US economy will grow and rail freight's share of the growing shipping needs will be maintained. That does not necessarily imply that the cargo mix will stay unchanged.

In fact, I would turn that around and wonder why Michael thinks that we will not be innovative enough to figure out better ways to use a more fuel-efficient mode of freight transport in the next 10 years.

Doug

November 3, 2009 03:58 PM

I think that it is a very positive bet on the U.S. economy, long term.

AJ

November 3, 2009 04:03 PM

This is another example of silly deduction by a BusinessWeek column. Buffett's bet could very well be that shipping will increase, albeit by shifting towards other products. And even if the US were to shift to a more knowledge-based economy, virtually nobody believes its use of coal or production of agricultural products will decline. Pure silly.

Lord

November 3, 2009 04:12 PM

This is optimist. He expects trade to recover and grow, not decline further.

Jack

November 3, 2009 04:12 PM

Railroads can carry bio-engineered products - corn stovers to bio-fuel production plants.

williamjacobs

November 3, 2009 04:20 PM

I bought a little rail stock myself.
Moving transport from truck to train may be the direction WalMart goes as fuel prices rise (which they will once the economy gears up again worldwide. Even if we don't get out of our recession, demand for oil will go up if the other world economies do revive.)

The same stuff will be shipped differently. Buffett is betting on rail. I share his vision of a possible future.

Further, I don't think agriculture is as much a dead end as the author does. As China and India's prosperity increases the country's population will increase their food consumption to a point where inefficient land use cannot be tolerated and the price of luxury foods like meat will make wide open spaces of grasslands and corn fields potential gold mines.

Japan's domestic meat consumption apart from fish is almost nil.

CW

November 3, 2009 04:25 PM

Can anyone explain the concept of rightaway (right of way?)and how it relates to the railway?

Karl

November 3, 2009 04:37 PM

Why do Americans need to hear how the economy is doing from people like Buffett, Bernanke, Geithner, Greenspan, Blankfein, & others? Simply take a look at what IS HAPPENING in order to KNOW the reality. The reality is this: jobs are continuing to be lost! Just today, Johnson & Johnson announced that 7,000 jobs will be cut. Unemployment is at 9.8%. It'll go over 10% very soon. Things are going to get much worse for the "Average American". But the 'big-shots' won't be effected at all. So WHY do Americans ask the 'big-shots' about how things are in America??? The 'big-shots' are making money on all of the turbulence in our economy!!! WAKE-UP!

bob

November 3, 2009 04:42 PM

i say buy it leave them the xxxx alone

TomL

November 3, 2009 04:53 PM

Right of way is the land owned by the railroad for its tracks, yards and maintenance facilities.

During the building of the transcontinental railroad in the mid-1800's, the US gov't gave the Central Pacific and Union Pacific railroads 1-mile squares of land on alternate sides of the railroads, in a giant checkerboard pattern, to encourage construction and development of the west.

The UP bought the Southern Pacific in 1996 (the CP acquired the SP and took the SP name in the late 1900's.)

I'm not sure how much land the BNSF owns (itself the result of mergers betw the Santa Fe, Burlington, Northern Pacific, Great Northern and SP&S.) Much of it went to Catellus when the ATSF & SP tried to merge in the 1990's.

Back when Phil Anschutz owned the Rio Grande RR and bought the Southern Pacific (renaming the combo as the SP), he used the SP right of way to build out a massive fiber optic transmission capability - Qwest. And, going back even further, SPRINT itself is a spinoff of the original SP's corporate communications unit, which also used SP ROW for its lines.

david

November 3, 2009 04:58 PM

Well, maybe he is betting on innovation in agriculture and exports!!!

He could swoop in and buy GM and get the USA working again!!

Buffet and Volker are our best bets - lets dump Geithner, Summers, Shapiro and all the GS cronies.

lindal

November 3, 2009 05:05 PM

The author is assuming that the train can only carry the same items it has carried in the past. How dumb is that?

Brandon W

November 3, 2009 05:13 PM

It's been reported that when the Soviet Union collapsed, their extensive rail network is one of the few things that kept their entire civilization from collapsing too. Wouldn't you want to own the rail roads?

Not to mention, rail makes a lot more sense with high gas prices and crumbling road infrastructure.

Paul

November 3, 2009 05:18 PM

The right-of-way is the land on which infrastructure (roadway, rails, utility corridors, pipelines) are built. They tend to be linear. Use of the ROW is somewhate dependant upon whether or not the ROW is owned (fee simple) or leased, or is an easement. Some railroads placed their rails on transportation easements granted by a state for exclusively rail transportation. Use of the easement for other purposes (fiber-optic corridor) may be prohibited by statute or the language of the easement.

Where railroads own the ROW in fee simple, the use of that private property may be restricted by local or state zoning.

Logic

November 3, 2009 05:33 PM

Buffet if betting on alternative means of goods tranport (trucks) becoming much more expensive in the future, thus, the business of rail transport will boom.

Mahagwa

November 3, 2009 06:27 PM

Call me STUPID for maintaining a positive and optimistic attitude in these SEEMINGLY gloomy times, but when you have been through muck and mud just to make it to where you are, you tend to view obstacles as challenges to overcome versus DOOM.
The problem is a lack of leadership OR more to the point, people listening to the WRONG people.
I am truly confounded. GDP grew by 3+% in the last quarter after having contracted for the past 2 - 3 qtrs. Companies are not slashing their payrolls as they once did. The ISM (Manufacturing report) was positive. Pending Home sales were positive. Exports are up. The financial sector is stabilizing and credit is once again flowing. Yet ALL you hear is THE SKY IS FALLING. I am truly confused, am I living in a different world then everyone else? Not too long ago, there was talk of a SECOND STIMULUS, and now the talk is of UNWINDING government intervention. A study came out recently that indicated that even if the Public Option was included in the Health care bill, less than 2% of eligible participants would opt for it (So much for government taking the private sector out of the game).
What world is everyone else living in? Rush Limbaugh's world? Dick Cheney's (Mr. Deferment)world?
Or maybe the american public has become so addicted to the television and movie junk that they can not seperate reality from fiction.
Wake up people. STOP listening to the dooms sayers!!!

Sean

November 3, 2009 06:41 PM

Rather than judge the future by the industries, Buffett may be judging on business volume and overall potential -- Berkshire wins based on that.

There seems to be some personal biases here by Mandel. Writers need to ride the forefront of the next wave, and this deal does nothing for that.

Some great comments about other potential value of other potential value of rail and also its reliability, especially in the face of fluctuating fuel costs. Rail is the unseen backbone for any economy -- all that information is important, but we all need the infrastructure to move large volumes of goods and people (and now possibly energy) otherwise, the information is useless.

Enrique Costas

November 3, 2009 07:05 PM

Buffet just thinks that World oil has peaked and it is time to go back to Coal...and that means an impressive increase of cargo transportation by train. Coal cannot be transported by pipelines inside the U.S., only by railways and we are talking about hundreds of millions of Tonnes.

So, Michel, you are wrong: next decade will not look last the last one but very different: coal (50%), agriculture (15%), imports (10%)....

Enrique

November 3, 2009 07:10 PM

Buffet is aware that World´s Oil production has peaked so now it will be increasingly substituted by Coal, and Coal cannot be transported by pipelines or trucks: only by train.

We are talking about hundreds of millions of Tonnes of Coal, so the next decade will not look like the last one but much different.

Mike Reardon

November 3, 2009 07:42 PM

What I’ve read on the improvement in the rail industry are very close to CB’s comment above.

Paul Volker has comments today, that consumers re-raising the economy one more time is not the way to go in this market. In my view the problem up to here has been getting that money sitting on the sidelines, not just into a flaky equity market, but pushing on and supporting the real business economy.

Buffett’s purchase of Burlington Northern Santa Fe Corp. is that private commitment into the economy.

I see the lack of private funding and investment to this point as the first piece to gain real growth or at least to stabilize the real business economy.

Getting private money into a consolidation of health businesses in the economy will lift it over the next few years. I think your right on long term R&D being needed, but this year where has the extra money putting products into this market been so far.

I see Buffett‘s all-in wager, with private capital, as good news and it is painting a picture of where we need to go. The good new is, its not needed GOV support of the industry, its private money supporting firms in real future growth.

Kartik

November 3, 2009 08:52 PM

Buffett, as a rule, does not invest in technology. This is despite Bill Gates spending hours with him to make the case.

Furthermore, Buffett is a value investor, which by definition means he avoids most tech companies.

Lastly, why can't Burlington transition away from coal as alternatives become cheaper than coal?

I don't see this as bearish at all, given what Buffet's declared strategy is.

If Buffett really was negative, wouldn't be be buying overseas shares, to hedge against a weak dollar?

Berkshire Hathaway stock over the past decade has risen by 84%, whil the S&P 500 is down by 18%.

An artificial metric given that 10 years ago was a known period of froth in the tech sector. Of course the S&P500 (and certainly the tech sector) are down from October 1999.

Golib Kholjigitov

November 4, 2009 02:26 AM

If I were Buffet, I would buy Amazon!

Rob

November 4, 2009 02:44 AM

Gloomy View? The last 10 years (or more) represent a lost decade for America. The only "money" made was bubble money which recently vanished (well not really - we the taxpayers just forked it over to Wall Street, but I digress...). This is a bet that the REAL economy (that's right agriculture, energy, consumer products etc...) will become important again. Apparently this is a difficult concept for the "business" press to understand.

Rob

November 4, 2009 02:45 AM

Gloomy View? The last 10 years (or more) represent a lost decade for America. The only "money" made was bubble money which recently vanished (well not really - we the taxpayers just forked it over to Wall Street, but I digress...). This is a bet that the REAL economy (that's right agriculture, energy, consumer products etc...) will become important again. Apparently this is a difficult concept for the "business" press to understand.

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JD with a J.D. from CA

November 4, 2009 06:44 AM

Now, I know I am not Buffet, but here's the thing. That can't be right! The United States number one priority "Economical" needs to be the invention of cheap, renewable, or re-usable energy. Which ever Country invents, creates, and produces the next energy source, will be the undisputed economic power house.

Also big will be stem cell research, which the US better get on, lest we some day all get sick and the only ones with the cures are the countries who weren't held-back by overly finatic Religious Groups who appose stem-cell research.

Third, literally legalize marijauna. I don't smoke it, but every one else does. We could stop waisting money on jailing, policing, and clogging the Judicial system. While at the same time enjoy amazing new tax revenues, and create a whole new industry. Imagine "Weed Bars." We could tax it from start seed into the ground, to smoke in the lungs. Growing, distribution, retain, licenses for establishments wishing to sell it. It just makes good business sense.

Technologies involving communication and computers. Buffet bought Coal, because we have the most coal in the US then any other country. Secondly, he probably banking on the Caps Laws, where companies can trade their pollution points for cash.

His problem is, you can't put coal in a car, and despite what they say there is no clean coal. Fundlementally, he has it right. What do we have in the US, that other countries want/need? What do we produce? Well, for now coal..Hard sell. However, I'm not Buffet.

NEW MARKETS AND NEW IDEAS=NEW MARKETS! If you build it, they will come. Produce, distribute, and export more than you import. More over, LOP THE HEADS OF THOSE MORONS ON WALL-STREET! They run the countries economy into the ground, and get rewarded for it? When did we stop being America? Were the beacon of Capitalism! Supposedly.

Too big to fail, means too fat to survive. Where's the lawyers and DA's rangling these crooks in, where's the anti-trust laws. The DA of New York should, the State's Attorney General, as well as the Fed's should be on Wall Street like flies on you know what. Where's the accountability?

Rob

November 4, 2009 08:40 AM

Gloomy View? The last 10 years (or more) represent a lost decade for America. The only "money" made was bubble money which recently vanished (well not really - we the taxpayers just forked it over to Wall Street, but I digress...). This is a bet that the REAL economy (that's right agriculture, energy, consumer products etc...) will become important again. Apparently this is a difficult concept for the "business" press to understand.

paulvard

November 4, 2009 09:10 AM

How can you imply a gloomy scenario on this deal? You know very well if you are competent enough that Buffet does not invest on stuff that "he does not know". Everybody knows this. You must be running out of ideas and you have ventured into the realm of intellectual dishonesty.

LAO

November 4, 2009 09:47 AM

The striking thing about Buffet's move -- he's getting out of cash and into hard assets, but it's not retail malls or sea ports or refineries or office space or condominiums or anything from the world as Wall Street wishes it; it's basic, highly flexible infrastructure -- smart grid, passengers, grain, massive turbines. No, it doesn't feel gloomy to me, except for what it suggests about the impossibility of getting a decent, safe return on cash any time soon.

Steve Hovland

November 4, 2009 09:53 AM

With the rising cost of energy trucks will be used less and trains will be used more. The energy efficiency of trains is very high. Trains will also replace some air travel as flying has become a miserable experience. Anyone who has ridden the high-speed trains in Europe or Japan can appreciate the potential. He gets right-of-way land in the bargain. All along that right of way he could install wind power and solar power to run the trains and sell surplus power to the countryside and towns along the way.

Hertz.S

November 4, 2009 10:09 AM

What do you expect from a country with a criminally developed socio-economic model?

Tobby

November 4, 2009 10:31 AM

Buffett is buying an old-line utility on the cheap. He is also betting on future fuel increases.

Stephen T. Knox

November 4, 2009 10:47 AM

Buffett may be correctly visioning a future where goods will not move by truck, but by rail. Diminishing oil will set the tone for our economic future.

Ann

November 4, 2009 01:05 PM

Hi, Mike. I'm back. Not gloomy for me. My agriculture, energy, and transport investments have done well. And a few other things you've scorned over the years. I'm just sorry for others that you, rather than I, had the bully-pulpit. But there isn't much motivation to fight for fame and position when one is doing well with ones investments.

Not So Fast

November 4, 2009 01:06 PM

If no one has noticed there is a mass-efficiency movement coming to retail distribution and with Warren's railroad he may in fact find himself right at the center of the largest price/value model that is emerging. Forget coal, agriculture, and construction products as growth opportunities - there is nothing that would jump start the economy faster - due to lower prices - than a complete overhaul of retail distribution which is what a you'll get from a man who now owns a railroad and is also a visionary. My bet is the end of this story won't be nearly as dismal as the view offered by BusinessWeek.

Resourceguy

November 4, 2009 01:19 PM

Wow, there are a lot of dumb and ill informed comments here. BNSF lines are not suited for coal export. That type of export coal comes from the Appalachian area for metallurgical grade and some steam coal. The routes BNSF covers are also not suited for idiotic ideas of conversion to passenger traffic volume. They move a lot of (domestic land-locked, low btu) coal, lumber, and steel because that is what their routes serve. They will benefit from a weak dollar with higher energy prices and weak-dollar induced exports or from limiting import competition for the benefit of domestic industrial users.

Rycoka

November 5, 2009 07:28 AM

Interesting stuff. From my Ozzie perspective rail seems to excite a lot of passion. I tend to agree with posters who suggest an energy constrained future is good for rail - when energy costs trump logistic efficiency then rail is king. On the other hand, I unfortunately believe that the USA has been corrupted by the finance industry and unless you guys can shake off the shackles the misery will go on for a long time. My small window on the Buffet view of the world is that he places a lot of faith in rail stats as a basis of investment. My small knowledge of poker suggests that "all-in" is a last ditch act to try and get back in the game when everything is just about lost. Does Buffet, the ultimate value investor, feel the game slipping away from him?

Ann

November 5, 2009 12:48 PM


also...
When the enemy of something of value weakens or dies, there is the potential for that something to rise again. Who killed rail? Re: The Great American Streetcar Scandal. Start with Wikipedia. Enjoy.

Mike Mandel

November 6, 2009 07:14 AM

Ann writes: "My agriculture, energy, and transport investments have done well. And a few other things you've scorned over the years."

Yep, I was wrong--the innovations that I expected didn't come through over the past decade. As far as I can see, Buffett is betting that trend will continue.

But if Buffett is right--and he very well might be--it's bad news for the U.S. economy and for most Americans. We can't build a country of rising living standards on coal, grain and imports.

Pacer

November 6, 2009 03:59 PM

I think the 'gloom' comes from the idea that instead of serving a vast network of manufacturing hubs within the U.S., the rails will support America's real future--as a source of raw materials and an export market for China. Our new jobs won't be high-value-added skilled jobs. They will be in mining, agriculture and forestry (and running the railroad to get those raw products to ports for shipment to China). That's how I see this as gloomy, but maybe that's not what they were driving at...

Ann

November 6, 2009 06:02 PM

We can't build a country of rising living standards, period. Material living standards peaked in the 70's. It's been a slow, down-hill creep for most people in this country since then, and a massive plunge for many recently. Buffett is right, but maybe too late. We have to survive before we move ahead anywhere. You've put your hopes in innovative technology. What are the requirements for new technology? One of them is spare energy for its development. Can you see a problem with that? The growth model is gone. We need something else. We need it fast. More and more of America's former middle class are homeless and hungry. The direction we've been going for decades is a recipe for lower living standards, not higher. Bad news for the economy hit long before Buffett began investing in railroads.

Resourceguy

November 7, 2009 09:52 AM

Ann is right, but unfortunately the policy steps along the way have been to raise the minimum wage, mandate more benefits and other costs and pump even more national wealth into failed education models. In fact low productivity or outright noncontributory activities has been the highest priorities for some time now. The shocking trend we have now is to ratchet up the pace to subsidized sectors like green energy and great society couched as stimulus while continuing to ignore the erosion of key industries (pharma,tech,oil,refining, chemicals, forest products, etc). A big policy misstep on health care could disrupt one of the last stable growth sectors, other than govt.

CompEng

November 7, 2009 10:01 PM

I wouldn't read too much into Buffet's bet here. If the economy grows overall, the old-economy goods traffic will probably also do well. These things doing well do not imply that "new economy" growth isn't occurring: in fact, you'd think they would go hand-in-hand.

Mike Reardon

November 9, 2009 06:34 PM

There is a contradictory story today, that Buffett will liquidate one Rail holding in Union Pacific and Norfolk Southern railroads before completion of this purchase (Burlington Northern Santa Fe Corp). Its says he will be selling one off and then purchasing the other. As I said above, for me its being financed in the public sector that is most encouraging part of the deal. Getting money in from the private sector is what will really start the economy.

sandy

November 13, 2009 08:39 AM

excellent point, karl.

everyone is looking to these "titans" for direction and these are the same people who needed a bail out as recently as a year ago.......

Mike Reardon

November 14, 2009 06:22 PM

Warren Buffet was on Charlie Rose last night, he passed over his liquidating his other Rail holding as already done and signed on to his buying Burlington Northern Santa Fe Corp as a long term investment in the American economy's future. He gave it pro advantages as a better way to move goods but also He admitted its a regulated industry that is very capital intensive. It is as you say just an old time investment against having to still do business tomorrow. Even with its limited returns it was his 100 year investment in something you can't move or replace easily.

Anechidna

November 14, 2009 10:49 PM

Remember a time, really only a few years ago when we were all told repeatedly and with admonishment that the Old Economy was dead and the New Economy was the way of the future.

Irrespective of the name of the economy we all need to eat, we need clothing, construction materials etc. In fact the New Economy can't and won't exist without the Old Economy being alive and well and functioning efficiently.

Warren's investment into NBSF is a sound and to be highly profitable venture. Not only are we talking freight and commuters, we are talking real estate and the right to develop it. Remember that the railroads were created with vastly favourable terms and conditions on their Rights of Way I am betting that those terms and conditions haven't been extinguished because the companies still exist it has been the owners of the companies that changed.

The only negative threat to the US economy will come from politicians who sink to parochialism at the expense of the nation. Buffet has most likely made another astute investment.

assurace

December 21, 2009 12:45 PM

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assurance

December 21, 2009 12:48 PM

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Obi

January 28, 2010 08:29 AM

Although l enjoy your writing, l do support Ajay's comments here. What you have written could be slightly misleading. Just because Buffet invested in BNSF, doesnt mean he thinks we are headed in the wrong direction as far as your view of more imports. I actually think his bet has to do with the fact that he thinks we are headed in the right direction, which is; possibly more manufacturing, more exports and a better economy.

Obinna

January 28, 2010 08:29 AM

Although l enjoy your writing, l do support Ajay's comments here. What you have written could be slightly misleading. Just because Buffet invested in BNSF, doesnt mean he thinks we are headed in the wrong direction as far as your view of more imports. I actually think his bet has to do with the fact that he thinks we are headed in the right direction, which is; possibly more manufacturing, more exports and a better economy.

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ravi

March 29, 2010 03:52 AM

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Thank you for your interest. This blog is no longer active.

 

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Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.

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