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Wednesday, December 30, 2009

REUTERS: China's BYD lifts 2010 auto sales target 14 pct

By Joanne Chiu

HONG KONG, Dec 30 (Reuters) - Chinese battery and car maker BYD (1211.HK), backed by U.S. billionaire Warren Buffet, said it has raised its 2010 sales target, as it prepares to roll out its first electric cars.

BYD, 10 percent owned by Warren Buffett's Berkshire Hathaway (BRKa.N), aims to sell 800,000 vehicles next year, up from a previous target of 700,000 units, said Paul Lin, manager of the company's marketing department.

He attributed the revision to robust demand from Chinese consumers following Beijing's 4 trillion yuan ($586 billion) economic stimulus plan, which includes several measures specifically aimed at boosting car sales.

"The company already reached its 2009 target of 400,000 vehicles in November, so now we are setting our 2010 target to double that number at 800,000 units," Lin said, adding that this year's final sales should come in at around 440,000 units.

BYD's F3 sedan was the best-selling car in China in the first 11 months of this year, leading other popular domestic and foreign models, such as, Hyundai Motor's (005380.KS) new Elantra and Chery Automobile's QQ, official data showed.

To help meet market demand, BYD's new bus plant in the central Chinese city of Changsha and a car plant in the northwestern city of Xian will start operation next year, adding up to 700,000 units of capacity, Lin said.

Henry Li, general manager of BYD Auto's export arm, told Reuters in July that the firm aims to be a major global player by 2025, with vehicle sales of 8-9 million. [ID:nHKG366761]

BYD, which had sold several hundred of its plug-in hybrid, F3DM, unveiled in December of 2008, plans to start selling its first electric car, the e6, in China in the first quarter of 2010, Lin said.

The e6 had passed government safety inspections in the country and received other necessary permits, he said, adding the firm remained committed to export the model to the United States next year.

BYD's shares, traded in Hong Kong, have surged more than 422 percent since the beginning of this year, leading a roughly 49 percent gain in the broader market .HSI and bolstering its founder, Wang Chuanfu, to the top of Forbes 2009 list of China's wealthiest.

The shares fell 3.78 percent in early afternoon trading on Wednesday, lagging a 0.51 percent fall of the market. (Reporting by Joanne Chiu; writing by Doug Young and Fang Yan; Editing by Chris Lewis and Valerie Lee)

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FURNITURE WORLD: Jeff Child, RC Willey Home Furnishings New NHFA President

Tuesday, December 29, 2009
By: Furniture World Magazine

NHFA announced that Jeff Child, RC Willey Home Furnishings, Salt Lake City, Utah, takes office January 1 as 2010 president of National Home Furnishings Association (NHFA), the nation’s largest trade organization for home furnishings retailers. He succeeds Michael B. Spiller, Spiller Furniture, Tuscaloosa, Ala. who becomes chairman of the executive committee. The outgoing president becomes chairman in the following year.

Other officers are: Senior Vice President and Treasurer, Dianne Ray, Garden City Furniture, Garden City Beach, S.C.; Senior Vice President, Marc Schewel, Schewel Furniture, Lynchburg, Va.; and Senior Vice President, Cherie Rose, the Rose Collection, Los Gatos, Calif.


New directors are: Brian D. Casey, High Point Market Authority, High Point, N. C.; Robert J. Maricich, World Market Center, Las Vegas, Nev.; Thomas H. Olinde, Olinde’s Furniture, Baton Rouge, La.; Sherry Sheely, Sheely’s Furniture & Appliance, Inc., North Lima, Ohio; and John C. Stewart, Jr., Big Sandy Super Store, Franklin Furnace, Ohio. These individuals join a group of retailers who are already serving as directors.


Child is a long time association member and leader of both NHFA and its West Coast affiliate, Western Home Furnishings Association (WHFA). Jeff, son of Sheldon, helped his father and uncle, Bill Child, with the family business working in the warehouse and later in merchandise display and the carpet department. After graduating from Brigham Young University, he worked as a sales associate and buyer, eventually becoming president. As one of the top home furnishings retailers in the country, RC Willey attracted the attention of Warren Buffet, and in 1995, the company and Buffet’s Berkshire Hathaway Inc., announced a merger agreement. In 2004 Child was selected NHFA’s Retailer of the Year in the over $10 million category for his service to the industry, service to his community and creative leadership in his company. As president of NHFA, Jeff wants to strengthen the association’s mission to help retailers find ways to profitability and to provide the services which make that possible. One of these ways is HomeFurnishings.com, developed by the association to drive business to member retailers.


NHFA is an almost ninety-year-old trade organization serving home furnishings retailers in all 50 states, Canada and abroad. NHFA’s stated mission is “to provide our members with the information, education, products and services they need to remain successful.”

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Tuesday, December 29, 2009

The church of Warren Buffett: Faith and fundamentals in Omaha


By Mattathias Schwartz , Jan 2010

The man sits alone in a room, on the fourteenth floor of a gray building. The man’s suit, his hair, the sky through the window, and the rows of figures sliding across the abacus of his mind—these too are gray, though each gray is of a different value. Against the wall stand rows of files containing data from the fifty-odd years of solitary roomsitting. The man drinks cola. He reads the paper.

Every so often the phone rings and the man answers. Usually the answer is “no.” Long ago the man concluded that such quietude was optimal for making money. “Inactivity strikes us as intelligent behavior,” he once wrote. By “intelligent,” he meant “profi table.” Over time this intuition was confirmed. The man is the richest in the world, except for certain years when he
is the second richest. “If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life,” is the example he once gave of how much his money could buy, if what he wanted was money to spend. But the man would rather stay in his room and watch his heap of money grow.

The man visits the same restaurant and orders the same steak. He goes home to the same house. He plays bridge on the Internet. Every other week the man—his name is Warren Buffett—rides the elevator down to the basement of the gray building, where, in a tiny barbershop, he receives the same haircut. In lieu of the room on the fourteenth floor, now off-limits to most visitors, the barber chair where he sits has become a kind of shrine.

You can download this 9 page Harper's Jan 2010 cover story here. You must be a member of the Share Investor Forum to do so. It is free and easy to join.


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24/7 WALL STREET: Job Cuts Outstrip Berkshire Hathaway Shares

Posted: December 28, 2009 at 6:52 am


There was an interesting filing out during the Christmas holiday showing that Warren Buffett and Berkshire Hathaway Inc. (NYSE: BRK-A) weren’t in the holiday spirit for much of 2008. There were 21,000 fewer employees at Berkshire Hathaway entities in 2009 compared to 2008’s 246,000 employees.

Bloomberg called this “a slump at its manufacturing and retail units.” The new tally of about 225,000 workers according to documents pertaining to the planned acquisition of Burlington Northern Santa Fe (NYSE: NBI).

This also followed a Barron’s feature article calling Burlington Northern’s tepid outlook a warning. In fact, Barron’s leaves the base case scenario as one with no real recovery in 2010 not just at Burlington Northern but in general. At the same time it poses an inexpensive Berkshire Hathaway stock.

When you consider how many units are at Berkshire Hathaway, more than 70 in all, there are many obvious spots where employees may have been trimmed. Some of Berkshire’s retail and construction-related units are Acme Brick, Ben Bridge Jeweler, Benjamin Moore, Borsheims Fine Jewelry, Clayton Homes, Helzberg Diamonds, John’s Manville, Jordan’s Furniture, Nebraska Furniture Mart, RC Willey Home Furnishings, See’s Candies, and Star Furniture. There is also the Buffalo News.

Berkshire Hathaway’s stock has not exactly been a huge harbinger that Buffett and friends will turn the hiring machine back on. At $98,895.00, it is down one-third from all-time highs. The stock is barely up 2% from the $96,600.00 price at the end of 2008. Shares are up 35% from the March 9 closing that investors use as the official end of the bear market, but this compares to a gain in the S&P 500 Index of roughly 27% in 2009 and 69% since the March 9 closing bell.

It is probably not fair to only look at Berkshire Hathaway’s share price when considering jobs. Mr. Buffett tends to look at his whole operations rather than his share price, but that won’t necessarily be the same for the Berkshire Hathaway shareholders. It also took Buffett far longer to turn optimistic than the overall markets indicated throughout the entire 2009 stock market recovery.

Buffett might be more optimistic now, but it doesn’t seem likely the HR departments are yelling “All Aboard!” throughout the subsidiaries.

JON C. OGG

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TICKERSPY.COM: Buffett and Tepper Bet On Housing Recovery


by Owen Vater | December 28th
Filed in: Hedge Fund and Institutional News

Berkshire Hathaway (NYSE: BRK-A, BRK-B) and Appaloosa Management have large stakes in a struggling division of GMAC.

According to The New York Post, value investing legend Warren Buffett and 2009 hedge fund all-star David Tepper are among those to hold large debt positions in ResCap – a real estate financing division of struggling auto lender GMAC. ResCap has reportedly lost -$10 billion over the last three years, and $12.5 billion taxpayer dollars have helped keep its parent company in business. Close calls with insolvency haven’t scared the billionaire investors from another bet on the U.S. economy, and the investment theme has yielded both significant returns since the pullback.

Last week we covered David Tepper’s outstanding stock picking in 2009, which earned his investors a reported 120% return by the start of December and is set to net him a personal $2.5 billion. A look at Appaloosa’s largest holdings at the end of Q3 shows that the fund still held significant stakes in Citigroup (C), Bank of America (BAC), and Hartford Financial (HIG), all of which dipped to Armageddon pricing during the recession.

Tepper told The Wall Street Journal, “If you think the economy will be fine, as we do, then we’re going to do very well” – commenting on his appetite for highly rated commercial mortgage-backed securities.

Meanwhile, Buffett’s Berkshire Hathaway made what he called an “all-in wager on the economic future of the United States,” purchasing the remaining portion of railroad Burlington Northern Santa Fe (BNI) for $26 billion last month. Berkshire’s top end-of-Q3 holdings also include big stakes in a handful of other iconic American brands. Coca Cola (KO), Wells Fargo (WFC), and American Express (AXP) remain among Buffett’s favorites. Preferred shares of Goldman Sachs (GS), which Berkshire bought during the recession, were also among the holding company’s biggest positions as of the most recent regulatory filings.

It will be interesting to see how Tepper and Buffett perform throughout 2010. For a performance chart of their top 13F-reported holdings, and portfolio data from more than 3000 other Pros visit tickerspy.com.

Pro portfolio performance is based on institutions’ top-15 holdings as disclosed in quarter-end filings with the SEC. Pro performance does not take into account additional holdings beyond the top 15 nor does it include positions that are not required to be disclosed by the SEC. As such, Pro portfolio performance should be considered an approximation and not a precise record of how an institution has performed over time.

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RTT NEWS: Railroad Stocks Under Pressure Amid Concerns About Industry Outlook

12/28/2009 11:21 AM ET

Transportation stocks are showing notable weakness during trading on Monday, with railroad stocks weighing down the sector by a considerable margin. The weakness comes after some pessimistic comments about the railroad sector in a report from Barron's.

The losses by railroad stocks are contributing to a 1.1 percent loss by the Dow Jones Railroads Index. With the loss, the index is pulling back off of the fourteen month closing high set last Thursday.

The pullback comes after Barron's said comments from the management of Burlington Northern Santa Fe (BNI) indicated that the economy and subsequently the railroad industry would not begin to see a substantial recovery until the year 2011.

Despite the comments, Burlington Northern stock is showing a lack of direction and its currently up by only 0.1 percent, as it remains in a tight trading range.

The previous significant move for the stock came in early November, when billionaire investor Warren Buffet announced he reached a deal for his firm Berkshire Hathaway Inc. (BRK-A) to buy the rail transport firm for $100 per share.

Meanwhile, Trinity Industries Inc. (TRN) and CSX Corp. (CSX) are two of the sector's steepest decliners, falling by 2.4 percent and 2.1 percent, respectively. Trinity remains in a recent trading range, while CSX is pulling back off of Thursday's fifteen month closing high.

Genesee & Wyoming Inc. (GWR), Norfolk Southern Corp. (NSC) and Union Pacific Corp. (UNP) are also retreating, moving off of their recent highs, while American Railcar Industries (ARII) is bucking the downtrend in the sector, rising by 4.2 percent.

by RTT Staff Writer

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THE STREET: Buffett's Big Bets Trail the Indexes in 2009

By Eric Rosenbaum 12/28/09 - 11:39 AM EST

Stock quotes in this article: BRK.B , KO , WFC , AXP , KFT , BNI


OMAHA, Neb. (TheStreet) -- It was not the finest of years for Warren Buffett -- indeed, the top ten Berkshire Hathway(BRK.B Quote) holdings have significantly trailed the best S&P index returns in 2009, according to data as of the last week of December.

Most of the Berkshire top ten finished the year ahead of share prices on Dec. 31, 2008 -- with the exception of Wells Fargo(WFC Quote).

Still, gains made by Warren Buffet's biggest portfolio holdings were relatively small when compared to the best performing stock sectors in 2009. The broad recovery throughout the U.S. economy in the second half of 2009 was reflected to a much-lesser extent in Buffett's biggest bets.

The best-performing stock sectors in 2009 were led by the S&P 500 Healthcare Facilities Index, which was up more than 380% through Dec. 23. The S&P 500 Automobile Manufacturers Index was up 232% through Dec. 23. The S&P 500 Real Estate Services (219%) and Dividend Metals & Minerals (217%) indexes were also both up more than 200% in 2009.

Buffett has always made it clear there are certain sectors he just won't play in as he doesn't understand them -- the Internet sector most notable among the Buffett-mystifiers. And in 2009, the stocks Buffett does understand couldn't touch the Internet. The S&P 500 Internet Retail Index was the fifth-best performing sector in 2009, up 183% through Dec. 23.

Even the best-performing of Berkshire Hathaway's top ten significantly trailed the returns of the fifth-best sector performance, S&P 500 Internet Retail. American Express(AXP Quote), of which Berkshire Hathaway owns 13%, was up more than 120% in 2009, from $18.55 on Dec. 31, 2008, to $41.70 on Dec. 28, 2009.

Among financial stocks, it was a mixed bag for Berkshire Hathaway in 2009, as the gains made by American Express were offset by the continued slump at Wells Fargo(WFC Quote). Buffett owns close to 7% of Wells Fargo, which declined from $29.48 at the beginning of 2009, to $26.91 on Dec. 28, 2009.

Kraft(symbol Quote), of which Berkshire Hathaway owns 9%, inched out minor gains in 2009, from a Dec. 31, 2008 share price of $26.85, to $27.36 on Monday.

Gains made by Coca-Cola(KO Quote), of which Buffett also owns approximately 9%, were at the level of the broad market. Coca-Cola shares rose from $45.27 at the outset of 2009 to $57.40 on Dec. 28, or a gain of roughly 21%, on par with the S&P 500 Index 2009 returns.

Berkshire Hathaway's biggest holding, Wesco Financial(WSC Quote), rose from $288 to $343 through Dec. 28. Berkshire owns 80% of Wesco.

Burlington Northern(BNI Quote), increased from $75.70 to $98.40 after Buffett announced the premium he was paying for the railroad shares. Berkshire owned 22% of Burlington Northern ahead of the proposed complete takeover.

The Washington Post(WPO Quote), of which Buffett owns 18%, rose from $390 to $445 by Dec. 28, or a gain of 12%, still well short of the broad market.

Moody's(MCO Quote), in which Berkshire Hathaway has been decreasing its 13.5% stake, gained from $20.00 to $27.47 by Dec. 28. Still, the 2009 gain of 27% for Moody's was nowhere near the best S&P sector gains in 2009. What's more, the fact that Buffett was decreasing his Moody's stake throughout 2009, while big holdings like Kraft and Coca-Cola trailed the markets, did not help the return profile of Berkshire's biggest bets.

Paul Howard, an analyst with Janney Montgomery Scott's Langen McAlenney division, said while the biggest Berkshire Hathaway bets clearly were not aligned with the best-performing stock sectors in 2009 -- and, in fact, significantly lagged for the most part -- Buffett did make some great investments in 2009 that should perform well over time. Howard pointed to the deals Buffett struck for preferred shares in Goldman Sachs(GS Quote) and General Electric(GE Quote).

Howard noted that the Goldman investment has already proven a "home run" and, especially in a low-yield environment like the current one, both financial sector investments should perform well over time.

-- Reported by Eric Rosenbaum in New York.


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CNBC: Doug Kass Predicts Warren Buffett Will Step Down In 2010

EWB note: Doug seems to be losing the phony war he has with Buffett as stocks climb in value. He loves the attention that his bold statements are getting him.

Published: Monday, 28 Dec 2009 | 11:47 AM ET

By: Alex Crippen
Executive Producer

The investment strategist who profitably shorted Berkshire Hathaway's stock in 2008 has a bold forecast for 2010.

Appearing as guest host on CNBC's Squawk Box this morning, Seabreeze Partners' Doug Kass predicted Warren Buffett will step down in the coming year.

As he ran down a series of coming surprises with Joe Kernen and Carl Quintanilla, Kass told viewers, "With the Burlington Northern acquisition, the Oracle has basically completed his canvas and there's really very little left for him to do."

The prediction is number 12 of "Dougie's Top 20 Surprises for 2010," as listed last week in a Barron's blog:

12. Warren Buffett steps down. Warren Buffett announces that he is handing over the investment reins to a Berkshire outsider and that he plans to also announce his in-house successor as chief operating officer by Berkshire Hathaway annual meeting in 2011.

(Kass has his own post on the subject today in a paying-subscribers-only section of TheStreet.com.)

Doug Kass
Short seller Doug Kass, as seen on TheStreet.com

While Kass says he "worships" at Buffett's "investing altar," he's been very critical of Buffett over the past two years. In January, Kass wrote that "Buffett's salad days seem to be over; the only question that remains is the timing and to what degree investors will abandon the Oracle of Omaha."

Buffett has repeatedly said he has no intention of quitting at Berkshire anytime soon because he loves his work so much.

Unless he suffers some unexpected physical or mental impairment, it's hard to imagine that he would be any happier doing anything other than going into his Omaha office each day looking for more ways to make money.

Current Berkshire stock prices:

Class A: [BRK.A 98715.00 -180.00 (-0.18%) ]

Class B: [BRK.B 3285.25 --- UNCH (0) ]

Topics:CEOs and CFOs | Warren Buffett


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Monday, December 28, 2009

Download Graham & Dodd's "Security Analysis"

I have read parts of David Dodd and Benjamin Graham's 1934 bible on investing, Security Analysis and have found it quite a challenge but nevertheless very informative.

This 725 page giant of a book was written at a time where the global economy was in a depression brought on by the over exuberant roaring 20s and the subsequent 1929 stockmarket crash.

It has had several updates since its original edition and is often hard to come by in your local bookstore. A sixth edition will be out soon. I wanted to read the original book to get a feeling for the markets and general investment outlook of the time. Its relation to today's market conditions is important to me.

From the Amazon preview of the first edition of Security Analysis:


The original words of Benjamin Graham and David Dodd--put to paper not long after the disastrous Stock Market Crash of 1929--still have the mesmerizing qualities of rigorous honesty and diligent scrutiny, the same riveting power of disciplined thought and determined logic that gave the work its first distinction and began its illustrious career.

In their preface to this book, Graham and Dodd write that they hope their work "will stand the test of the ever enigmatic future." There is no doubt that it has.


I have seen it at my local Borders in Albany though. They have one copy at a price of NZ$120.

Now I have other books on my reading list but I want to tackle this one first, principally because it was the text that Warren Buffett based much of his investing style on and as my regular readers know I am a Warren Buffett nut.

I have already read Benjamin Graham's The Intelligent Investor but I felt I needed a more detailed analysis of his investment style and his and Dodd's Security Analysis tome fits that bill to a tee.

Many stockbrokers in the past have used Security Analysis to go back to in times of doubt, and given current market turmoil investors might be wise to start reading.

It is clear the majority of stockbrokers in the United States and in other global markets haven't even turned a page of this essential investment tool and I know that is more than the case in New Zealand stockbroker circles.

My local ASB Securities broker said what? when I asked him during a related conversation if he had even heard of the book! Even The Intelligent Investor was another language to him.

You can get a physical copy of the book from the Share Investor Bookstore or download it free here. You have to Register to a member of Share Investor Forum to download the book but it is fast and free.


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Sunday, December 27, 2009

BARRONS: Burlington Northern's Tepid Outlook Is a Warning

By ANDREW BARY | MORE ARTICLES BY AUTHOR

A PESSIMISTIC BUSINESS FORECAST BY THE management of Burlington Northern Santa Fe as the railroad considered Berkshire Hathaway's merger proposal in late October may mean U.S. industrial activity will be less robust in 2010 than many on Wall Street anticipate.

Railroads, which transport more than 40% of the country's freight, are an excellent gauge of economic activity. If Burlington's (ticker: BNI) outlook proves accurate, the nation's other major railroads -- CSX (CSX), Norfolk Southern (NSC) and Union Pacific (UNP) -- also could see subpar results. Shares of all three have rallied since Burlington's Nov. 3 announcement of its acceptance of Berkshire's (BRKA) $34 billion proposal.

After Berkshire CEO Warren Buffett made what proved to be a successful $100-a-share bid to Burlington CEO Matthew Rose, Burlington management sent the railroad's board four potential financial scenarios to consider as it weighed Buffett's proposal. The most optimistic -- that Burlington could earn $5.06 a share if the economy and the company's business recover in 2010 -- was at odds with Wall Street's far more upbeat 2010 consensus earnings estimate of $5.50 a share, according to the preliminary proxy for the merger.

Management thought it more likely the economy wouldn't start to recover until 2011 and that the railroad would earn a depressed $4.40 a share in 2010. The other two scenarios were even more bearish: Either there would be no recovery and unit growth would be flat for five years, or the economy would enter a "deeper recession."

These forecasts suggest Berkshire overpaid for Burlington. Wall Street thinks Buffett paid a full but not excessive price, especially as 40% of the deal price will be paid in Berkshire shares.

At 99,000 each, Berkshire's Class A shares are little changed since the merger was announced Oct. 23. The stock is up 2% this year and trades for 1.2 times our estimate of year-end 2009 book value of $84,000 a share, below an average multiple of 1.6 times book in the past decade.

Berkshire looks attractive, given its low valuation and the company's enhanced earnings power, which stems from several well-timed investments Buffett made during the financial crisis, including stakes in preferred stock and warrants of Goldman Sachs and General Electric.

IF BERKSHIRE IS UNDERVALUED, Burlington holders are getting a particularly good deal. The Burlington board's quick approval of the transaction suggests it believed Buffett is paying a full price. Besides, the board determined it had few other options; a merger with another big railroad would have raised antitrust issues. It was told private-equity buyers were unlikely to bid because of the difficulty of financing such as a large purchase.

Burlington is an atypical Berkshire acquisition because it doesn't generate a lot of free cash flow, owing to the costs associated with maintaining its large rail network. The company spent $3 billion last year on locomotives and other capital equipment, more than double its depreciation expense. Burlington shares now trade at 98.40, a slight discount to Berkshire's purchase price. The acquisition is expected to close in the first quarter of 2010.

[Burlington Chart]

Buffett takes a long view and he called the Burlington deal an "all-in wager on the economic future of the United States." It also bespeaks his confidence in the American West. Burlington and Union Pacific are the dominant rail carriers west of the Mississippi, with Burlington a major hauler of coal from the Powder River basin of Wyoming and Montana. It's also a big carrier of agricultural commodities.

WALL STREET IS PLAYING DOWN the importance of Burlington management's bearish 2010 forecast.

"We believe the Burlington board is probably conservative in its approach and economic outlook, which would encourage management to provide scenarios that are also somewhat muted," wrote JPMorgan railroad analyst Thomas Wadewitz in a report titled "Thoughts on BNI's proxy: Were 2010 Scenarios Conservative or Cause for Concern?" Wadewitz thinks Burlington's forecasts "may not provide a good read for other railroads."

Burlington and other major railroads report weekly car loadings, and Burlington's performance has been the worst of the bunch in recent months. Its shipment volume is down 14% in the fourth quarter, against a 7% drop for Union Pacific. Coal traffic, which accounts for about a quarter of Burlington's revenue, has been weak because utilities, the major coal consumers, recently were sitting with 77 days of supply, compared with a normal level of 45 days at this time of year.

The Bottom Line

Warren Buffett's Berkshire Hathaway is paying $100 a share in cash and stock for Burlington Northern. Because Berkshire looks cheap, Burlington holders ay do well.

"There is no V-shaped recovery at this point. The recovery is shallow," Dan Keen, the assistant vice president of policy analysis with the Association of American Railroads, said in our D.C. Current column last week.

At a time when major market indexes are at or near 2009 highs and valuations on many industrial stocks are signaling a significant recovery, the cautious view of Burlington's management is worth heeding. It could mean 2010 will be tougher for the markets and the economy than Wall Street expects.

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EXAMINER.COM: Warren Buffett to help promote Hank Paulson's "On the Brink"

December 26, 9:20 Bill Freehling

Billionaire investor Warren Buffett will lend his star power to help promote his friend Hank Paulson's upcoming book "On the Brink: Inside the Race to Stop the Collapse of the Global Financial System"

Paulson, the former U.S. treasury secretary, is set to release his book about the financial events of last fall on Feb. 1. The full title is "On the Brink: Inside the Race to Stop the Collapse of the Global Financial System."

Buffett is a good friend of Paulson's from the latter's days at Goldman Sachs. The two communicated frequently during last year's crisis, Andrew Ross Sorkin shows in his excellent book about the crisis, "Too Big to Fail."

The Omaha World-Herald reports that Buffett will appear with Paulson at a Feb. 9 event in Omaha sponsored by the Greater Omaha Chamber of Commerce.

The two men will talk about the economy and take questions. Paulson will talk about the book.

The meeting is less than a week after Paulson's book is set to be released and is sure to draw ample publicity that should help with sales of "On the Brink."


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On the Brink: Inside the Race to Stop the Collapse of the Global Financial System by Hank Paulson


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