Warren Buffett's 10 biggest holdings
Another member of Berkshire Hathaway's "powerhouse five," BNSF was originally acquired by purchasing 70% of it in cash. Buffett and Co. later issued shares that increased the amount outstanding to 6.1%.
Note: Buffett notes that BNSF carries about 15% (measured by ton-miles) of all inter-city freight, whether it is transported by truck, rail, water or pipeline. Both BNSF and MidAmerican, Buffett adds, are companies with huge investments in "very long-lived, regulated assets" that get partially funded by long-term debt that is not guaranteed by Berkshire. Buffett writes: "Whatever you may have heard of our country's crumbling infrastructure in no way applies to BNSF or railroads igenerally. America's rail system has never been in better shape, a consequence of huge investments by the industry."
Source: Berkshire Hathaway annual shareholder letter