Buffett: BNSF railroad will spend money to improve, not on acquisitions

OMAHA Sat May 3, 2014 12:12pm EDT

An aerial view shows a train making its way along the Burlington Northern Santa Fe (BNSF) rail line outside of Williston, North Dakota March 12, 2013. REUTERS/Shannon Stapleton

An aerial view shows a train making its way along the Burlington Northern Santa Fe (BNSF) rail line outside of Williston, North Dakota March 12, 2013.

Credit: Reuters/Shannon Stapleton

OMAHA (Reuters) - Warren Buffett, chairman of conglomerate Berkshire Hathaway (BRKa.N)(BRKb.N), on Saturday said that railroad BNSF will spend to improve its operations but is not planning to acquire any other businesses.

"At BNSF we will spend a lot of money to have the best railroad possible but we're not going to be buying other businesses," Buffett, 83, said.

Buffett was speaking at Berkshire Hathaway's annual shareholder meeting in Omaha, which draws tens of thousands of people to hear him and partner Charlie Munger answer hours of wide-ranging questions.

He added that Berkshire Hathaway will continue to keep a cash cushion of at least $20 billion.

"We will never be dependent on the kindness of strangers," he said.

(Reporting by Jonathan Stempel and Luciana Lopez; Editing by Bernard Orr)

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Comments (1)
nose2066 wrote:
What a disingenuous comment. BNSF is not going to spend money on acquisitions… No, BNSF is going to pass their profits onto the parent company, Berkshire, which is going to do more acquisitions.

May 03, 2014 3:10pm EDT  --  Report as abuse
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