Part 9/13:
Railroads and Coal Decline: BNSF’s revenue is expected to decline due to the shrinking coal market, which historically represents a large portion of railroad freight. Buffett acknowledged this trend but maintained confidence in BNSF’s management and long-term strategy to navigate these headwinds.
American Express: Berkshire remains optimistic about American Express despite competitive threats, adopting a “wait and see” approach rather than making rash changes.