In 2010, Berkshire Hathaway, the company that famously transitioned from textiles to ticker symbols (aka, investing), made an audacious acquisition: the BNSF Railway. Given the Warren Buffet-led Berkshire's success in both non-controlling and control investments across the U.S. economy, the acquisition of a post-ICC Class I railroad was a big bet that was driven by a wide variety of factors including the perceived "moat" that railroads offer: the low likelihood that they will face substantial competition beyond what is already out there.
The proposed Union Pacific-Norfolk Southern merger is threatening that moat and Berkshire's BNSF Railway, now led by CEO Katie Farmer, has become one of the most stridently opposed to the deal. This is a contrast to many industry observers who believed the company would quickly seek a deal with CSX to form a competing coast-to-coast Class I carrier. The following pieces discuss the case being made by Berkshire and BNSF against the deal, while I have also included a link to the 2025 podcast episode released by the Center for Transportation Advancement, featuring yours truly (Phil Bell!) in support of the transaction. Please share your thoughts in the comments.
The Case Against the UP-NS Merger (BNSF): The Case Against the UP-NS Merger | BNSF
Yahoo/Insider Monkey: Berkshire Hathaway Inc (BRK.B) Says No Railroad Consolidation
Union Pacific-Norfolk Southern Merger: A Deep Dive | All Aboard Episode 068