Tuesday, November 3, 2009
Being Warren Buffett III
The AP reports that Warren Buffett's Berkshire today "agreed to buy Burlington Northern Santa Fe Corp., making a $34 billion bet on the future of the U.S. economy." This made me feel really good in that there is investment in America again that is other than what is occurring in Silicon Valley. Twitter, Facebook, Youtube, MySpace et al will not be enough to sustain a diverse economy and we need to begin again to invest in our infratstructure and make America great industrial nation again. I suspect that Buffett is not only thinking of moving products built here but those built abroad as well. But my desire is that we will again become an industrial nation. We are too big to be a technology and service company alone. The economy needs diversity and robustness, not to mention companies that employ people. I have been critical of Buffett's investment in bogus derivitates that eventually cost the company its triple-A credit score rating. You can read these posts here. But with this investment I praise him. I feels like an investment in America. Let's hope others will follow suit and put Americans back to work.