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Hi Dave,

This is a question and answer that happened at the BRK annual shareholders meeting a week ago Saturday in Omaha regarding your question (I sat next to the note taker). WB is Warren Buffett [emphasis is mine]:

Q: What can you tell us about your views on the future profitability of the railroad industry and what might make that more exciting than what it's done over the past?

WB: I don't think it will be exciting, but I think their competitive position has improved somewhat. Benefit in competitive position vis-à-vis trucking -- higher diesel fuel prices are about four times as much a drag on trucking. [Railroads] were a terrible business 25-30 years ago, but a better business now. [It will] never be sensational, but [we expect] a decent return on capital. It can be a lot better than in the past.

Rich (I'm at work and short on time, could you x-post to Pencil's for me).
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