Buffett's 'huge bet' on US railways
Tuesday, 3 November 2009 13:41Billionaire investor Warren Buffett has said his Berkshire Hathaway company will buy Burlington Northern railway for $44 billion, calling the move a 'huge bet' on the US rail system.
'Our country's future prosperity depends on its having an efficient and well-maintained rail system,' said Buffett, Berkshire Hathaway's chairman and chief executive officer. He added that the deal was the biggest ever for his investment fund.
Buffett suggested that the purchase is something of a gamble, but one he is certain will pay off.
'It's an all-in wager on the economic future of the United States. I love these bets,' said Buffett, known for his unparalleled investing acumen that has made his fund one of the most successful US companies.
Burlington Northern president and CEO Matthew Rose said his company was equally excited by the deal.
