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Greg Abel, Warren Buffett & Charlie Munger | BNSF is Vital to U.S & Important to Berkshire Hathaway - YouTube
Channel: Billionaire Philosophy
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thank you becky
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let me just start by saying when we think of聽
bnsf we have an exceptional franchise there and聽聽
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a great business and we do compete with other聽
railways and we're very well aware of how they聽聽
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operate including their operating ratios and聽
and the metrics they operate to and precision聽聽
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railroading and it's all part of it but what i聽
would say what i would share with is when i think聽聽
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of bnsf we start with focusing on our customer聽
understanding how we can best service them and聽聽
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yes we want to do it in an efficient effective聽
way that delivers great results back to our聽聽
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our shareholders and and that will continue to聽
be our focus so yes we learn from all the uh聽聽
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metrics they report and how they operate their聽
their rail and we observe it but i would put our聽聽
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team up right beside them on on any operating day聽
and we're gonna we're gonna move our our tra our聽聽
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rail cars as as well as any other rail company聽
in america and we're going to do it on behalf of聽聽
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our customers so we're we're very proud but we're聽
not ignoring the fact that there's more to be done聽聽
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both operationally and and for our customers so聽
we'll continue to see improvement there we've got聽聽
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a great leadership team there we've got a聽
great employee group within bnsf and what聽聽
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i like is we're just going to see long-term聽
improvement there we have a an exceptional聽聽
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intermodal franchise out of the west it's聽
it's incredibly valuable to our shareholders聽聽
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long-term our partners and that's what our聽
team is focused on building that franchise out聽聽
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so couldn't be more proud of where we're at but we聽
also know we have a journey ahead of us and we're聽聽
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going to continue to get better and better greg聽
if we wherever the opportunity would you trade聽聽
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our operation for theirs never never and we love聽
him he knows a lot about it bill we have a great聽聽
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we have a great franchise and we have a great聽
leadership team running it so well said charlie聽聽
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thank you and i i just before i go to a gene and聽
greg you know was a major partner uh for 20 years聽聽
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uh more or less since a little over that since聽
we we've bought the energy company and and uh
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his boss uh was dave sokol聽
and and the two of them i mean聽聽
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they know how to run they knew how to run聽
businesses i mean you know it's like we don't聽聽
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we we don't read what other numbers are and聽
all that but we we uh we've got the perfect聽聽
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person running in katy farmer we've got the聽
perfect person running uh the nsf and yeah聽聽
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she'll do a great job and it changing around the聽
railroad various ways you know if you got 20 20 uh聽聽
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uh 1 000 or something miles of own track and聽
all kinds of other that doesn't count sightings聽聽
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double tracking and you've got a lot聽
of things to do from something that聽聽
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they started building a couple hundred years ago聽
and and you not quite a couple hundred but and聽聽
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you can't you can't move things around easily and聽
towns you know when you came into omaha in 1862聽聽
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well the railroad didn't even go across the river聽
i mean uh that even though we'd become the major聽聽
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rail center for the west or the opening to聽
the west and uh it we're going to be here 100聽聽
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years from now we will be an important a really聽
vital asset of the country and it will be a very聽聽
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big part very important part of berkshire聽
and uh we will take what is an incredible聽聽
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assemblage i think of 300 and some railroads or聽
something i get over time and and and you know聽聽
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the trucks got laid and the rocks laid out you聽
know 150 years ago the world changes but you have聽聽
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to we have to adapt to it but you don't do it聽
you don't put an order out to change a thousand聽聽
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miles of trash now it's operated or anything of聽
the sort so we're running it to have that asset聽聽
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for berkshire shareholders and and聽
it will redundant to the down to聽聽
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the the benefit of the the country and if we do聽
it well no matter who ran it would be important聽聽
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obviously enormously the country and the up will聽
be here and and uh at that time too and and uh聽聽
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uh it'll be a better railroad 100 years from now聽
than it is now but i can't promise you what will聽聽
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happen if if if we get flooding and something in聽
the next few months you know it it can it can uh聽聽
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it can wipe out a lot of the plans聽
you have and disrupt lots of lives and聽聽
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and disrupt lots of shipments and uh there's there聽
are no magic wands and railroading to make great聽聽
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great changes on the other hand you ought to聽
be working at it every day to make it better
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i forget how many bridges we have but uh
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some years ago we were spending three聽
or four billion dollars a year on聽聽
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on capital expenditures and once i said matt聽
brown you know i said there's a lot of money聽聽
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to spend you know keeping up our variable and聽
then he said well we're going to have to do that聽聽
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more and so on and i said well i said i can handle聽
israel i'm not sure charlie can't i mean i have to聽聽
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explain these numbers to him so the next bridge聽
they bought they built they called the charles聽聽
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team monger bridge so you can actually go see our聽
railroad has the charles d monger bridge because聽聽
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charlie charlie kind of was asking聽
similar questions 10 years ago
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