Claudio1979
La liquidità è tutto
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sarebbe interessante un'analisi di BRK dal punto di vista dell'investitore Europeo. in ogni caso sarebbe possibile coprire il rischio di cambio con un derivato;
Berkshire Hathaway n.2
- Creatore Discussione nemo17
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sarebbe interessante un'analisi di BRK dal punto di vista dell'investitore Europeo. in ogni caso sarebbe possibile coprire il rischio di cambio con un derivato;
dnt
value investing
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Dici proprio bene. A luglio sono entrato in un ETF in dollari che in 5 mesi ha guadagnato il 6%. Il dollaro però si è deprezzato del 7% portando l'investimento addirittura in negativo nonostante l'ottima performance.
Eppure era l'euro la valuta che stava in difficoltà...
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sempre Gannon:
How to Pick Stocks That Always Grow EPS
How to Pick Stocks That Always Grow EPS
Leite
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non so se questo abbia abbastanza esperienza 
La Stampa - “Io, broker centenario non credo ai soldi facili”
Andate a spiegarlo a lui, Irving Kahn, che c’è la crisi economica e le cose non saranno più come prima. Scuoterà la testa, incrocerà le dita nodose, e ti liquiderà con un sorriso paterno: «Sei un ragazzo, ti manca la certezza delle tue convinzioni». Ragazzo, secondo i suoi parametri, è chiunque non abbia compiuto almeno ottant’anni. Perché la prima volta che Irving fece un’operazione a Wall Street, nelle case non c’erano ancora i telefoni o le televisioni. Era l’estate del 1929, e per la verità non c’era stata nemmeno la Grande Depressione.
Mercoledì scorso Irving ha compiuto 107 anni, festeggiati con un’intervista al Wall Street Journal, e questo fa di lui il più anziano operatore di borsa in servizio attivo. Il giorno dopo, le autorità di Nyse hanno annunciato che IntercontinentalExchange comprerà “Big Board” per 8 miliardi di dollari, mettendo fine a 220 anni di indipendenza della borsa di New York. Lo hanno fatto perché il mercato è cambiato e le piattaforme elettroniche sono più importanti dei vecchi “floor”, dove un tempo correvano i ragazzini come Kahn a portare gli ordini. Eppure lui scrolla le spalle e scommette sulla sopravvivenza della sua compagnia di investimenti, basandosi sulla filosofia che da sempre rassicura i clienti: «Noi mangiamo quello che cuciniamo». Irving è nato il 19 dicembre del 1905, da una famiglia ebrea nota per la longevità: la sorella più grande, Helen, è morta a 110 anni; la seconda, Lee, a 101; e il fratellino più piccolo, Peter, è ancora arzillo a 102 anni. Secondo Irving non c’è un elisir che aiuta i Kahn: «Nessun segreto, è solo la nostra natura». Poi però aggiunge: «Milioni di persone muoiono ogni anno per qualcosa che avrebbero potuto curare da sole: la mancanza di saggezza e la mancanza di abilità a controllare i loro impulsi».
A lui questo non è mai capitato, da quando studiava economia al City College of New York. Nel 1928 aveva iniziato a lavorare a Wall Street per una piccola compagnia, la Hammerschlag, Borg & Co. Faceva il “runner”, ma presto chiese il trasferimento nell’ufficio studi. Proprio in quegli anni, conobbe l’uomo che avrebbe cambiato la sua vita: Benjamin Graham, autore del classico “The Intelligent Investor” e inventore del modello “value investing”. Divenne suo assistente alla Columbia University, come Warren Buffett, e rimase così colpito dai suoi insegnamenti che chiamò il primo figlio Thomas Graham, come Buffett chiamò il suo Howard Graham. La teoria del “value investing” era semplice: non cadere mai nella tentazione di fare soldi facili. Se investi, devi credere che quella compagnia crescerà. Quindi cerca i titoli meno costosi, con le migliori prospettive, e tienili per almeno tre anni, o anche quindici, finché non realizzano le proprie potenzialità. «Mai comprare azioni popolari, tranne forse nei periodi di recessione».
Su questa filosofia Irving ha costruito la sua compagnia, Kahn Brothers Group, che gestisce capitali per 950 milioni di dollari. E’ un business famigliare, col figlio Thomas Graham che guida la gestione quotidiana, ma il padre fa ancora ricerca e parla con i clienti: «Scoprire un titolo sottovalutato è ancora la cosa che mi dà più soddisfazione». Ci riesce studiando, anche la sera o nel week end: «Quando compri un titolo, devi saperne molto più di chi te lo vende». Lui, ad esempio, predilige le azioni legate all’agricoltura, «perché in quel settore il sole lavora per te». Però sta anche al passo coi tempi, visto che ha investito nella Nam Tai Electronics, un’azienda cinese che fa componenti di alta tecnologia. Vorrebbe che il mercato finanziario diventasse più responsabile, ma è sicuro che anche questa nottata passerà: «La storia si ripete, anche se non è mai uguale. Nel nostro mestiere, però, la frase più pericolosa è questa: “Stavolta è diverso”».
La Stampa - “Io, broker centenario non credo ai soldi facili”
Andate a spiegarlo a lui, Irving Kahn, che c’è la crisi economica e le cose non saranno più come prima. Scuoterà la testa, incrocerà le dita nodose, e ti liquiderà con un sorriso paterno: «Sei un ragazzo, ti manca la certezza delle tue convinzioni». Ragazzo, secondo i suoi parametri, è chiunque non abbia compiuto almeno ottant’anni. Perché la prima volta che Irving fece un’operazione a Wall Street, nelle case non c’erano ancora i telefoni o le televisioni. Era l’estate del 1929, e per la verità non c’era stata nemmeno la Grande Depressione.
Mercoledì scorso Irving ha compiuto 107 anni, festeggiati con un’intervista al Wall Street Journal, e questo fa di lui il più anziano operatore di borsa in servizio attivo. Il giorno dopo, le autorità di Nyse hanno annunciato che IntercontinentalExchange comprerà “Big Board” per 8 miliardi di dollari, mettendo fine a 220 anni di indipendenza della borsa di New York. Lo hanno fatto perché il mercato è cambiato e le piattaforme elettroniche sono più importanti dei vecchi “floor”, dove un tempo correvano i ragazzini come Kahn a portare gli ordini. Eppure lui scrolla le spalle e scommette sulla sopravvivenza della sua compagnia di investimenti, basandosi sulla filosofia che da sempre rassicura i clienti: «Noi mangiamo quello che cuciniamo». Irving è nato il 19 dicembre del 1905, da una famiglia ebrea nota per la longevità: la sorella più grande, Helen, è morta a 110 anni; la seconda, Lee, a 101; e il fratellino più piccolo, Peter, è ancora arzillo a 102 anni. Secondo Irving non c’è un elisir che aiuta i Kahn: «Nessun segreto, è solo la nostra natura». Poi però aggiunge: «Milioni di persone muoiono ogni anno per qualcosa che avrebbero potuto curare da sole: la mancanza di saggezza e la mancanza di abilità a controllare i loro impulsi».
A lui questo non è mai capitato, da quando studiava economia al City College of New York. Nel 1928 aveva iniziato a lavorare a Wall Street per una piccola compagnia, la Hammerschlag, Borg & Co. Faceva il “runner”, ma presto chiese il trasferimento nell’ufficio studi. Proprio in quegli anni, conobbe l’uomo che avrebbe cambiato la sua vita: Benjamin Graham, autore del classico “The Intelligent Investor” e inventore del modello “value investing”. Divenne suo assistente alla Columbia University, come Warren Buffett, e rimase così colpito dai suoi insegnamenti che chiamò il primo figlio Thomas Graham, come Buffett chiamò il suo Howard Graham. La teoria del “value investing” era semplice: non cadere mai nella tentazione di fare soldi facili. Se investi, devi credere che quella compagnia crescerà. Quindi cerca i titoli meno costosi, con le migliori prospettive, e tienili per almeno tre anni, o anche quindici, finché non realizzano le proprie potenzialità. «Mai comprare azioni popolari, tranne forse nei periodi di recessione».
Su questa filosofia Irving ha costruito la sua compagnia, Kahn Brothers Group, che gestisce capitali per 950 milioni di dollari. E’ un business famigliare, col figlio Thomas Graham che guida la gestione quotidiana, ma il padre fa ancora ricerca e parla con i clienti: «Scoprire un titolo sottovalutato è ancora la cosa che mi dà più soddisfazione». Ci riesce studiando, anche la sera o nel week end: «Quando compri un titolo, devi saperne molto più di chi te lo vende». Lui, ad esempio, predilige le azioni legate all’agricoltura, «perché in quel settore il sole lavora per te». Però sta anche al passo coi tempi, visto che ha investito nella Nam Tai Electronics, un’azienda cinese che fa componenti di alta tecnologia. Vorrebbe che il mercato finanziario diventasse più responsabile, ma è sicuro che anche questa nottata passerà: «La storia si ripete, anche se non è mai uguale. Nel nostro mestiere, però, la frase più pericolosa è questa: “Stavolta è diverso”».
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c'è un bel capitolo dedicato a lui in:
The Value Investors: Lessons from the World's Top Fund Managers - Free eBooks Download
shark2007
The glory road
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vb_rm
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Buffett gives solar a boost with $2.5bn deal
FT on line, Buffett gives solar a boost with $2.5bn deal - FT.com - By Pilita Clark in London
Warren Buffett’s MidAmerican Energy Holdings has given the renewable energy industry a new year boost by agreeing to spend up to $2.5bn on what is set to be the world’s biggest solar photovoltaic operation.
The Californian investment, which is Mr Buffett’s third sizeable solar PV deal in about a year, is further evidence of the steady expansion of the industry.
“It’s certainly big news,” said solar analyst Andrew Krulewitz of GTM Research, adding that the deal was the largest by capacity in the US. He said that although there had been a lot of publicity surrounding the failure of prominent US solar companies such as Solyndra, solar power installations had kept growing regardless. About 1.8 gigawatts of solar power was installed in the US in 2011, Mr Krulewitz said, with the final figures for 2012 expected to be about 3.2GW.
MidAmerican said it would buy two solar projects with a combined generating capacity of 579 megawatts in California’s Antelope Valley from San Jose-based SunPower. Construction was due to be finished by the end of 2015. Although some solar industry subsidies recently expired, a number of significant financial support schemes have remained, including one investment tax credit programme not due to end until 2016. The latest MidAmerican deal comes almost exactly a year after Mr Buffett’s last foray into the solar industry.
MidAmerican bought the 550MW Topaz solar plant in California in December 2011, which was worth an estimated $2bn, from First Solar, the solar module maker. That came within weeks of its move to buy a 49 per cent stake in the $1.8bn Agua Caliente solar project in Arizona. MidAmerican is one of the biggest renewable energy investors in the US, with interests in wind, geothermal and hydropower projects, as well as solar plants. SunPower will remain involved in constructing, operating and maintaining the plants.
FT on line, Buffett gives solar a boost with $2.5bn deal - FT.com - By Pilita Clark in London
Warren Buffett’s MidAmerican Energy Holdings has given the renewable energy industry a new year boost by agreeing to spend up to $2.5bn on what is set to be the world’s biggest solar photovoltaic operation.
The Californian investment, which is Mr Buffett’s third sizeable solar PV deal in about a year, is further evidence of the steady expansion of the industry.
“It’s certainly big news,” said solar analyst Andrew Krulewitz of GTM Research, adding that the deal was the largest by capacity in the US. He said that although there had been a lot of publicity surrounding the failure of prominent US solar companies such as Solyndra, solar power installations had kept growing regardless. About 1.8 gigawatts of solar power was installed in the US in 2011, Mr Krulewitz said, with the final figures for 2012 expected to be about 3.2GW.
MidAmerican said it would buy two solar projects with a combined generating capacity of 579 megawatts in California’s Antelope Valley from San Jose-based SunPower. Construction was due to be finished by the end of 2015. Although some solar industry subsidies recently expired, a number of significant financial support schemes have remained, including one investment tax credit programme not due to end until 2016. The latest MidAmerican deal comes almost exactly a year after Mr Buffett’s last foray into the solar industry.
MidAmerican bought the 550MW Topaz solar plant in California in December 2011, which was worth an estimated $2bn, from First Solar, the solar module maker. That came within weeks of its move to buy a 49 per cent stake in the $1.8bn Agua Caliente solar project in Arizona. MidAmerican is one of the biggest renewable energy investors in the US, with interests in wind, geothermal and hydropower projects, as well as solar plants. SunPower will remain involved in constructing, operating and maintaining the plants.
Ultima modifica:
nemo17
Enjoy the Silence
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E pochi giorni prima c'era anche questa :
DES MOINES, Iowa – (Dec. 31, 2012) – Today, MidAmerican Energy Company announced the completion of its three Iowa wind projects that were under construction in 2012. The projects, totaling 407 megawatts, further solidify MidAmerican Energy’s ranking as the No. 1 rate-regulated utility in the U.S. in terms of ownership of wind-powered capacity.
“MidAmerican Energy had approval from the Iowa Utilities Board to add up to 1,001 megawatts of wind-powered generation prior to 2013, and I’m proud to say that we fulfilled that commitment,” said Bill Fehrman, president and CEO of MidAmerican Energy. “Wind now comprises approximately 30 percent of MidAmerican Energy’s generation portfolio.”
In January 2012, MidAmerican Energy announced that it had acquired the 106-megawatt Vienna wind project, located in Marshall and Tama counties; the 200-megawatt Eclipse wind project, located in Guthrie and Audubon counties; and the 101-megawatt Morning Light wind project, located in Adair County. The three projects consist of 176 wind turbines.
The wind turbines for MidAmerican Energy’s 2012 wind expansion were supplied by Siemens, with the blades manufactured at its Fort Madison, Iowa, facility. The Vienna wind project was constructed by Mortenson Construction, while the Eclipse and Morning Light wind projects were constructed by Wanzek Construction.
In 2011, MidAmerican Energy added 594 megawatts of new wind-powered generation in Iowa. The projects included the 444-megawatt Rolling Hills wind project, located in Adair, Adams and Cass counties; the 120-megawatt Laurel wind project, located in Marshall County; and the 30-megawatt Pomeroy wind expansion project, located in Pocahontas and Calhoun counties. The wind turbines for these projects also were provided by Siemens.
“MidAmerican Energy’s 2011 and 2012 wind expansion projects demonstrate the company’s commitment to environmental respect,” added Fehrman. “Over the past two years, we’ve added 434 wind turbines that will provide renewable energy for many years to come.”
MidAmerican Energy’s other owned wind projects are located in Buena Vista, Carroll, Crawford, Floyd, Hamilton, Polk, Pottawattamie, Sac and Wright counties, totaling 1,284 megawatts of wind generation.
MidAmerican Energy now owns 2,285 megawatts of wind generation. MidAmerican Energy began building wind energy projects in 2004 and has invested approximately $3.9 billion in wind-powered generation projects in Iowa.
MidAmerican Energy Company, Iowa’s largest energy company, provides electric service to 732,000 customers and natural gas service to 714,000 customers in Iowa, Illinois, Nebraska and South Dakota. It is headquartered in Des Moines, Iowa. Information about MidAmerican Energy is available on the company’s website, Twitter, Facebook and YouTube pages, which can be accessed via MidAmerican Energy Company.
Penso che MidAmerican sia uno dei gioielli più importanti all'interno di Berkshire e forse una delle migliori utilities al mondo.
Questo perchè non spreca nemmeno un centesimo in dividendi ma reinveste tutti gli utili aumentando la capacità produttiva.
nemo17
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Berkshire’s CTB Buys Martin to Expand Grain-Handling Unit
Berkshire Hathaway Inc. (BRK/A)’s agricultural-products unit CTB Inc. purchased closely held Martin Industries Corp. to expand its offerings to the grain industry. Terms weren’t disclosed.
Martin and its subsidiaries including LeMar Industries make bucket elevators, grain conveyors and other devices for loading and unloading the crop from storage, according to a statement today by Milford, Indiana-based CTB. LeMar, based in Des Moines, Iowa, employs almost 200 people.
CTB Chief Executive Officer Victor Mancinelli has won praise from Berkshire’s billionaire Chairman Warren Buffett for expanding the unit through takeovers. CTB makes equipment for handling grain, poultry, pigs and eggs and this year acquired a Dutch company that makes neck breakers and chicken eviscerators. LeMar’s senior managers will report to the Brock Grain Systems division after the acquisition.
The deal means CTB can “offer its customers and dealers a complete grain preservation package,” Mancinelli said in the statement. “The acquisition also provides CTB with additional engineering expertise and talented people as well as with manufacturing options in the heart of the U.S. grain belt.”
Martin’s other subsidiaries include Riley Equipment, a maker of bulk material handling products; Hall Industries, a custom designer and metal fabricator; Midwest Bearing & Supply, a bearing and power transmission supply house; and Grain Reclaim Machine Co., a grain-pickup service.
Buffett said in 2010 that CTB would expand for decades and was on a farming “superhighway.” The billionaire’s son Howard, a farmer and Berkshire director since 1993, endorsed the deal to buy the company in 2002.
Berkshire Hathaway Inc. (BRK/A)’s agricultural-products unit CTB Inc. purchased closely held Martin Industries Corp. to expand its offerings to the grain industry. Terms weren’t disclosed.
Martin and its subsidiaries including LeMar Industries make bucket elevators, grain conveyors and other devices for loading and unloading the crop from storage, according to a statement today by Milford, Indiana-based CTB. LeMar, based in Des Moines, Iowa, employs almost 200 people.
CTB Chief Executive Officer Victor Mancinelli has won praise from Berkshire’s billionaire Chairman Warren Buffett for expanding the unit through takeovers. CTB makes equipment for handling grain, poultry, pigs and eggs and this year acquired a Dutch company that makes neck breakers and chicken eviscerators. LeMar’s senior managers will report to the Brock Grain Systems division after the acquisition.
The deal means CTB can “offer its customers and dealers a complete grain preservation package,” Mancinelli said in the statement. “The acquisition also provides CTB with additional engineering expertise and talented people as well as with manufacturing options in the heart of the U.S. grain belt.”
Martin’s other subsidiaries include Riley Equipment, a maker of bulk material handling products; Hall Industries, a custom designer and metal fabricator; Midwest Bearing & Supply, a bearing and power transmission supply house; and Grain Reclaim Machine Co., a grain-pickup service.
Buffett said in 2010 that CTB would expand for decades and was on a farming “superhighway.” The billionaire’s son Howard, a farmer and Berkshire director since 1993, endorsed the deal to buy the company in 2002.
nemo17
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Buffett Like Icahn Reaping Tank Car Boom From Shale Oil
Warren Buffett and Carl Icahn are reaping the benefits of surging demand for railroad tank cars to haul shale oil from beyond the reach of existing pipelines.
Buffett’s Union Tank Car Co. is working at full capacity and Icahn’s American Railcar Industries Inc. (ARII) has a backlog through 2014. Trinity Industries Inc. (TRN), the biggest railcar producer, began converting wind-tower factories last year to help meet demand for train cars that can transport the petroleum product.
All three are getting a boost from a shale-oil boom that’s poised to make the U.S. the world’s largest crude producer by 2020. Rail carloads of crude tripled last year to more than 200,000, and demand for tanks designed for it soared, helping both Trinity and American Railcar outstrip the Standard & Poor’s 500 Index.
“People who want to ship oil can’t get them,” Toby Kolstad, president of the consultant firm Rail Theory Forecasts LLC said, referring to railcars. “They’re desperate to get anything to move crude oil.”
The shortage is exacerbated by makers who are keeping many of the tank cars they produce to supply their own leasing businesses, where rates in some cases have more than quadrupled to $2,500 a month. The manufacturers also are wary of boosting production too much and getting caught with unsold cars as they did in an earlier coal boom.
Costly Pipelines
Rail shipping has become the method of choice at new production sites because obtaining permits and rights-of-way can slow pipeline construction and make it more costly, said Brad Delco, an analyst with Stephens Inc. in Little Rock, Arkansas.
Oil produced from hydraulic fracturing allowed the U.S. to expand oil production last year by the most since the first commercial well was drilled in 1859. Domestic output grew to the highest level in 15 years, while carloads carried by Union Pacific Corp. (UNP), the country’s biggest railroad, surged to 140,000 last year from 2,400 in 2010.
“It still feels very much like an emerging market,” said Beth Whited, vice president and general manager of Union Pacific’s chemicals business. “There are large numbers of requests coming in really every week to our crude oil team here” asking for service to new locations.
The resulting jump in railcar demand helped drive shares of Trinity up 23 percent in the past year, outstripping a 16 percent increase in the Standard & Poor’s 500 Index. Greenbrier Cos. (GBX), which makes railcars and equipment as well as freight barges, gained 16 percent since Nov. 12, the day before American Railcar-owner Icahn disclosed a 9.99 percent stake and began takeover talks. Those negotiations fell apart in December.
Failed Bid
A combination of American Railcar and Greenbrier would have created the largest railcar producer in the U.S., surpassing Trinity, which now accounts for about 31 percent of U.S. deliveries.
Railcars and leasing comprised more than half of Trinity’s $3.8 billion of sales for the 12 months ending in September, the company said in a November presentation. The Dallas-based manufacturer began converting factories that made towers for wind turbines to tank-car plants in the third quarter, executives said in an Oct. 25 conference call.
“Customers are very anxious to see us increase capacity, and those who have driving needs for that have been willing to pay a premium,” Stephen Menzies, group president for Trinity’s rail and railcar leasing units, said on the conference call. The company projected full-year earnings would climb as much as 91 percent, and analysts estimate revenue may increase as much as 28 percent to $3.94 billion.
Order Backlog
American Railcar said third-quarter orders for tank cars reached 8,800 industrywide, almost double deliveries. The industry’s backlog was about 46,700 at the end of that period, making up more than 75 percent of its total unfilled orders.
The company’s own backlog of 7,630 total railcars was the largest since 2008’s second quarter and its production schedule included tank orders through the first three months of 2014, Chief Executive Officer James Cowan said on an Oct. 25 conference call. Icahn holds a stake of about 56 percent in the St. Charles, Missouri-based company.
“The investment thesis of oil by rail will be something that will continue for many years because of the fact that infrastructure doesn’t exist in many of these newer areas,” Eric Marshall, the director of research at Dallas-based Hodges Capital Management Inc., said in a telephone interview. He helps oversee $750 million of assets, including Trinity shares.
Many tank-car makers have been cautious about adding capacity because they don’t want rates to fall at their leasing businesses, Arthur Hatfield, a Memphis, Tennessee-based analyst with Raymond James & Associates, said in a telephone interview.
Lease Fleets
“All these companies have a lot of lease fleets that have a lot of value attached to them,” he said. “They don’t want to add a lot of capacity, flood the market with cars and then have those cars sit in the marketplace trying to get leased.”
Short-term lease rates have jumped as high as $2,500 a month, more than four times the normal rate, said Kolstad, of Portland, Oregon-based Rail Theory. To limit risk if the boom doesn’t last, leasing companies are seeking five-year paybacks on cars instead of 30 years, he said in a telephone interview.
“Leasing rates aren’t based on traditional models right now,” Kolstad said. “They’re basically looking at the probability of a pipeline and a short-term phenomenon. Nobody is taking a risk beyond five or six years.”
Union Tank Car, a unit of Buffett’s Berkshire Hathaway Inc. (BRK/A) that once formed part of John D. Rockefeller’s Standard Oil, is keeping all the cars it produces and leasing them, rather than selling to third parties, said Bruce Winslow, a company spokesman.
‘Cyclical’ Industry
The company’s two plants near Houston and in Alexandria, Louisiana, are running at full capacity, which is about 6,240 a year combined, he said. Union Tank Car, whose parent company also profits from shale-oil shipments through its Burlington Northern Santa Fe railroad, isn’t planning to expand production, Winslow said.
“We see the industry as very cyclical,” he said. “Within the memory of most any tank-car guy, he can say, ‘I remember when we didn’t know where to park them all.’ ”
Railcar makers don’t want to risk repeating the boom in production of coal cars, which are now gathering dust as energy producers fuel operations with cheaper natural gas, also found in shale formations. Coal carloads at the largest North American rail carriers fell 8.6 percent to 4.89 million in the first three months of 2012.
Excess Production
Tank cars probably won’t suffer the market downturn that coal cars now face any time soon, Salvatore Vitale, a New York- based analyst with Sterne Agee & Leach, Inc., said in a telephone interview.
“There’s so much continued demand for crude by rail coming out of the shale plays, especially the Bakken, we’re years away from” excess production, Vitale said.
Indeed, demand for crude-carrying cars may surpass an ethanol-driven surge for tank cars from 2005 to 2007, Kolstad said. Deliveries peaked at 5,100 cars per quarter during that period, about double normal demand, he said.
In the third quarter of 2012, deliveries reached about 4,700, he said. Because ethanol production was capped at 10 percent of gasoline consumption, manufacturers could calculate precisely the demand for tank cars. The opposite is true for shale-oil production, he said.
“How far does this go?” he asked. “That’s the big question.”
Warren Buffett and Carl Icahn are reaping the benefits of surging demand for railroad tank cars to haul shale oil from beyond the reach of existing pipelines.
Buffett’s Union Tank Car Co. is working at full capacity and Icahn’s American Railcar Industries Inc. (ARII) has a backlog through 2014. Trinity Industries Inc. (TRN), the biggest railcar producer, began converting wind-tower factories last year to help meet demand for train cars that can transport the petroleum product.
All three are getting a boost from a shale-oil boom that’s poised to make the U.S. the world’s largest crude producer by 2020. Rail carloads of crude tripled last year to more than 200,000, and demand for tanks designed for it soared, helping both Trinity and American Railcar outstrip the Standard & Poor’s 500 Index.
“People who want to ship oil can’t get them,” Toby Kolstad, president of the consultant firm Rail Theory Forecasts LLC said, referring to railcars. “They’re desperate to get anything to move crude oil.”
The shortage is exacerbated by makers who are keeping many of the tank cars they produce to supply their own leasing businesses, where rates in some cases have more than quadrupled to $2,500 a month. The manufacturers also are wary of boosting production too much and getting caught with unsold cars as they did in an earlier coal boom.
Costly Pipelines
Rail shipping has become the method of choice at new production sites because obtaining permits and rights-of-way can slow pipeline construction and make it more costly, said Brad Delco, an analyst with Stephens Inc. in Little Rock, Arkansas.
Oil produced from hydraulic fracturing allowed the U.S. to expand oil production last year by the most since the first commercial well was drilled in 1859. Domestic output grew to the highest level in 15 years, while carloads carried by Union Pacific Corp. (UNP), the country’s biggest railroad, surged to 140,000 last year from 2,400 in 2010.
“It still feels very much like an emerging market,” said Beth Whited, vice president and general manager of Union Pacific’s chemicals business. “There are large numbers of requests coming in really every week to our crude oil team here” asking for service to new locations.
The resulting jump in railcar demand helped drive shares of Trinity up 23 percent in the past year, outstripping a 16 percent increase in the Standard & Poor’s 500 Index. Greenbrier Cos. (GBX), which makes railcars and equipment as well as freight barges, gained 16 percent since Nov. 12, the day before American Railcar-owner Icahn disclosed a 9.99 percent stake and began takeover talks. Those negotiations fell apart in December.
Failed Bid
A combination of American Railcar and Greenbrier would have created the largest railcar producer in the U.S., surpassing Trinity, which now accounts for about 31 percent of U.S. deliveries.
Railcars and leasing comprised more than half of Trinity’s $3.8 billion of sales for the 12 months ending in September, the company said in a November presentation. The Dallas-based manufacturer began converting factories that made towers for wind turbines to tank-car plants in the third quarter, executives said in an Oct. 25 conference call.
“Customers are very anxious to see us increase capacity, and those who have driving needs for that have been willing to pay a premium,” Stephen Menzies, group president for Trinity’s rail and railcar leasing units, said on the conference call. The company projected full-year earnings would climb as much as 91 percent, and analysts estimate revenue may increase as much as 28 percent to $3.94 billion.
Order Backlog
American Railcar said third-quarter orders for tank cars reached 8,800 industrywide, almost double deliveries. The industry’s backlog was about 46,700 at the end of that period, making up more than 75 percent of its total unfilled orders.
The company’s own backlog of 7,630 total railcars was the largest since 2008’s second quarter and its production schedule included tank orders through the first three months of 2014, Chief Executive Officer James Cowan said on an Oct. 25 conference call. Icahn holds a stake of about 56 percent in the St. Charles, Missouri-based company.
“The investment thesis of oil by rail will be something that will continue for many years because of the fact that infrastructure doesn’t exist in many of these newer areas,” Eric Marshall, the director of research at Dallas-based Hodges Capital Management Inc., said in a telephone interview. He helps oversee $750 million of assets, including Trinity shares.
Many tank-car makers have been cautious about adding capacity because they don’t want rates to fall at their leasing businesses, Arthur Hatfield, a Memphis, Tennessee-based analyst with Raymond James & Associates, said in a telephone interview.
Lease Fleets
“All these companies have a lot of lease fleets that have a lot of value attached to them,” he said. “They don’t want to add a lot of capacity, flood the market with cars and then have those cars sit in the marketplace trying to get leased.”
Short-term lease rates have jumped as high as $2,500 a month, more than four times the normal rate, said Kolstad, of Portland, Oregon-based Rail Theory. To limit risk if the boom doesn’t last, leasing companies are seeking five-year paybacks on cars instead of 30 years, he said in a telephone interview.
“Leasing rates aren’t based on traditional models right now,” Kolstad said. “They’re basically looking at the probability of a pipeline and a short-term phenomenon. Nobody is taking a risk beyond five or six years.”
Union Tank Car, a unit of Buffett’s Berkshire Hathaway Inc. (BRK/A) that once formed part of John D. Rockefeller’s Standard Oil, is keeping all the cars it produces and leasing them, rather than selling to third parties, said Bruce Winslow, a company spokesman.
‘Cyclical’ Industry
The company’s two plants near Houston and in Alexandria, Louisiana, are running at full capacity, which is about 6,240 a year combined, he said. Union Tank Car, whose parent company also profits from shale-oil shipments through its Burlington Northern Santa Fe railroad, isn’t planning to expand production, Winslow said.
“We see the industry as very cyclical,” he said. “Within the memory of most any tank-car guy, he can say, ‘I remember when we didn’t know where to park them all.’ ”
Railcar makers don’t want to risk repeating the boom in production of coal cars, which are now gathering dust as energy producers fuel operations with cheaper natural gas, also found in shale formations. Coal carloads at the largest North American rail carriers fell 8.6 percent to 4.89 million in the first three months of 2012.
Excess Production
Tank cars probably won’t suffer the market downturn that coal cars now face any time soon, Salvatore Vitale, a New York- based analyst with Sterne Agee & Leach, Inc., said in a telephone interview.
“There’s so much continued demand for crude by rail coming out of the shale plays, especially the Bakken, we’re years away from” excess production, Vitale said.
Indeed, demand for crude-carrying cars may surpass an ethanol-driven surge for tank cars from 2005 to 2007, Kolstad said. Deliveries peaked at 5,100 cars per quarter during that period, about double normal demand, he said.
In the third quarter of 2012, deliveries reached about 4,700, he said. Because ethanol production was capped at 10 percent of gasoline consumption, manufacturers could calculate precisely the demand for tank cars. The opposite is true for shale-oil production, he said.
“How far does this go?” he asked. “That’s the big question.”
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Buffett Combines BofA With Buybacks to Beat S&P 500
Warren Buffett’s bet on Bank of America Corp. and a more-generous buyback plan helped his Berkshire Hathaway Inc. beat the Standard & Poor’s 500 Index in a year when he didn’t make a major acquisition.
Class A shares advanced 17 percent last year, beating the 13 percent gain in the S&P 500. The Omaha, Nebraska-based company is also poised to extend its record of outperforming the equity benchmark on Buffett’s favored scorecard: the change in book value per share over time.
Buffett’s stock picks and acquisitions have expanded Berkshire’s book value, a measure of assets minus liabilities, more than 5,000-fold since he took control of the company in the 1960s. Shareholders had plenty to celebrate last year, including the profitable Bank of America wager, the performance of new investment managers, stronger earnings at some operating units and the buyback plan.
“You put it all together, and it paints a nice picture,” said Jeff Matthews, author of “Warren Buffett’s Successor: Who It Is And Why It Matters” and a Berkshire shareholder.
Berkshire climbed 4.1 percent to $139,610 at 4:15 p.m., the highest level since 2008. Stocks and commodities surged after U.S. lawmakers passed a bill averting spending cuts and tax increases threatening a recovery in the world’s biggest economy.
Buffett, Berkshire’s 82-year-old billionaire chairman and chief executive officer, wrote to investors in February that he earns his paycheck if the company’s per-share intrinsic value rises faster than the S&P 500. Because that number is hard to pinpoint, Buffett has said measuring book value per share is the best alternative.
Book Value
Book value may have climbed to $113,579 a share on Dec. 31, according to an estimate from Meyer Shields, an analyst at Stifel Nicolaus & Co. That would give Buffett’s firm a 7.8 percent annual growth rate for the five years ended 2012, compared with 1.7 percent for the S&P 500, including dividends. Berkshire typically discloses year-end book value per share in February when it releases annual results.
Part of those returns come from gains in Berkshire’s $88 billion stock portfolio. Wells Fargo & Co. and American Express Co., two of Buffett’s largest investments, both beat the S&P 500, climbing more than 20 percent last year. Buffett has boosted investment returns in recent years with preferred stakes in companies including Goldman Sachs Group Inc. and General Electric Co. that sought Berkshire’s backing and reputation as investor confidence waned. The latest bet, a $5 billion wager on Bank of America, may result in billions of dollars in gains.
Moynihan’s BofA
The lender’s shares doubled last year to $11.61 as CEO Brian T. Moynihan built capital and cut costs. Buffett’s August 2011 investment gave Berkshire preferred stock paying a 6 percent annual dividend and 10-year warrants to buy 700 million of the bank’s shares at $7.14 apiece. Exercising those options at the end of last year would have generated more than $3 billion in profit.
“It was a well-timed investment,” said Matthews, who is also a shareholder in Charlotte, North Carolina-based Bank of America. “It’s proven he still has his chops.”
Berkshire has also benefited from investments made by Todd Combs and Ted Weschler, hedge-fund managers who joined the company since 2010 to help oversee the portfolio. Buffett has said the larger stock holdings are his picks while his deputies take smaller stakes. Among those bets are shares of Davita HealthCare Partners Inc., Phillips 66 and Liberty Media Corp. All three companies gained more than 45 percent in 2012.
‘Wonderful Indication’
Weschler and Combs are probably “on average outperforming the S&P 500,” said David Kass, a professor at the University of Maryland’s Robert H. Smith School of Business who has taken groups of students to meet the billionaire in Omaha. “That’s a wonderful indication” that they were good hires, he said.
Buffett has increasingly relied on buying whole companies to boost returns. Acquisitions valued in the billions of dollars, which Buffett dubs “elephants,” were elusive in 2012, even as he struck smaller deals to buy party-supply retailer Oriental Trading Co. and more than 60 newspapers.
Takeovers from prior years continue to lift Berkshire. Profit at railroad Burlington Northern Santa Fe, Buffett’s largest acquisition, rose 18 percent to $2.44 billion in the first nine months of the year from the same period in 2011, even as the industry struggled with declining coal shipments.
Berkshire’s manufacturing, service and retailing businesses also posted stronger results, buoyed by the addition of Lubrizol Corp., an engine-additives maker that Buffett bought in 2011.
Bricks, Paint
Units including Acme Brick, paintmaker Benjamin Moore and broker HomeServices of America are probably getting a boost from an improving residential real-estate market, said Stifel Nicolaus’s Shields. Housing starts climbed to an 861,000 annual pace in November from 708,000 a year earlier, Commerce Department figures show.
Gains in those businesses may be overshadowed by results at insurance units like Geico that are facing claims from Sandy, the October storm that battered the U.S. Northeast, Shields said. Buffett has fueled his company’s growth in part by investing float, or premiums it collects before paying claims. When the insurance units make an underwriting profit, the funds are free, he has said. Buffett didn’t respond to a request for comment e-mailed to an assistant.
Share Buybacks
Berkshire shares got a jolt last month after the company increased the threshold at which it would repurchase stock to 20 percent more than book value from 10 percent. The company also said that it had bought back $1.2 billion of Class A shares from the estate of a long-time investor. The stock climbed 2.4 percent the day of the announcement.
Boosting the amount Berkshire is willing to pay for its shares is welcome news for investors because it helps set a new floor for the stock and is an effective use of the company’s growing cash hoard, said Tom Lewandowski, an analyst at Edward Jones & Co. The move could also revive a program that resulted in less than $100 million of buybacks through Sept. 30.
“Shares are cheap” even after the bump from the announcement, Lewandowski said. Buying back stock at the higher level “makes a lot of sense especially when you have $40 billion of cash on the balance sheet.”
Warren Buffett’s bet on Bank of America Corp. and a more-generous buyback plan helped his Berkshire Hathaway Inc. beat the Standard & Poor’s 500 Index in a year when he didn’t make a major acquisition.
Class A shares advanced 17 percent last year, beating the 13 percent gain in the S&P 500. The Omaha, Nebraska-based company is also poised to extend its record of outperforming the equity benchmark on Buffett’s favored scorecard: the change in book value per share over time.
Buffett’s stock picks and acquisitions have expanded Berkshire’s book value, a measure of assets minus liabilities, more than 5,000-fold since he took control of the company in the 1960s. Shareholders had plenty to celebrate last year, including the profitable Bank of America wager, the performance of new investment managers, stronger earnings at some operating units and the buyback plan.
“You put it all together, and it paints a nice picture,” said Jeff Matthews, author of “Warren Buffett’s Successor: Who It Is And Why It Matters” and a Berkshire shareholder.
Berkshire climbed 4.1 percent to $139,610 at 4:15 p.m., the highest level since 2008. Stocks and commodities surged after U.S. lawmakers passed a bill averting spending cuts and tax increases threatening a recovery in the world’s biggest economy.
Buffett, Berkshire’s 82-year-old billionaire chairman and chief executive officer, wrote to investors in February that he earns his paycheck if the company’s per-share intrinsic value rises faster than the S&P 500. Because that number is hard to pinpoint, Buffett has said measuring book value per share is the best alternative.
Book Value
Book value may have climbed to $113,579 a share on Dec. 31, according to an estimate from Meyer Shields, an analyst at Stifel Nicolaus & Co. That would give Buffett’s firm a 7.8 percent annual growth rate for the five years ended 2012, compared with 1.7 percent for the S&P 500, including dividends. Berkshire typically discloses year-end book value per share in February when it releases annual results.
Part of those returns come from gains in Berkshire’s $88 billion stock portfolio. Wells Fargo & Co. and American Express Co., two of Buffett’s largest investments, both beat the S&P 500, climbing more than 20 percent last year. Buffett has boosted investment returns in recent years with preferred stakes in companies including Goldman Sachs Group Inc. and General Electric Co. that sought Berkshire’s backing and reputation as investor confidence waned. The latest bet, a $5 billion wager on Bank of America, may result in billions of dollars in gains.
Moynihan’s BofA
The lender’s shares doubled last year to $11.61 as CEO Brian T. Moynihan built capital and cut costs. Buffett’s August 2011 investment gave Berkshire preferred stock paying a 6 percent annual dividend and 10-year warrants to buy 700 million of the bank’s shares at $7.14 apiece. Exercising those options at the end of last year would have generated more than $3 billion in profit.
“It was a well-timed investment,” said Matthews, who is also a shareholder in Charlotte, North Carolina-based Bank of America. “It’s proven he still has his chops.”
Berkshire has also benefited from investments made by Todd Combs and Ted Weschler, hedge-fund managers who joined the company since 2010 to help oversee the portfolio. Buffett has said the larger stock holdings are his picks while his deputies take smaller stakes. Among those bets are shares of Davita HealthCare Partners Inc., Phillips 66 and Liberty Media Corp. All three companies gained more than 45 percent in 2012.
‘Wonderful Indication’
Weschler and Combs are probably “on average outperforming the S&P 500,” said David Kass, a professor at the University of Maryland’s Robert H. Smith School of Business who has taken groups of students to meet the billionaire in Omaha. “That’s a wonderful indication” that they were good hires, he said.
Buffett has increasingly relied on buying whole companies to boost returns. Acquisitions valued in the billions of dollars, which Buffett dubs “elephants,” were elusive in 2012, even as he struck smaller deals to buy party-supply retailer Oriental Trading Co. and more than 60 newspapers.
Takeovers from prior years continue to lift Berkshire. Profit at railroad Burlington Northern Santa Fe, Buffett’s largest acquisition, rose 18 percent to $2.44 billion in the first nine months of the year from the same period in 2011, even as the industry struggled with declining coal shipments.
Berkshire’s manufacturing, service and retailing businesses also posted stronger results, buoyed by the addition of Lubrizol Corp., an engine-additives maker that Buffett bought in 2011.
Bricks, Paint
Units including Acme Brick, paintmaker Benjamin Moore and broker HomeServices of America are probably getting a boost from an improving residential real-estate market, said Stifel Nicolaus’s Shields. Housing starts climbed to an 861,000 annual pace in November from 708,000 a year earlier, Commerce Department figures show.
Gains in those businesses may be overshadowed by results at insurance units like Geico that are facing claims from Sandy, the October storm that battered the U.S. Northeast, Shields said. Buffett has fueled his company’s growth in part by investing float, or premiums it collects before paying claims. When the insurance units make an underwriting profit, the funds are free, he has said. Buffett didn’t respond to a request for comment e-mailed to an assistant.
Share Buybacks
Berkshire shares got a jolt last month after the company increased the threshold at which it would repurchase stock to 20 percent more than book value from 10 percent. The company also said that it had bought back $1.2 billion of Class A shares from the estate of a long-time investor. The stock climbed 2.4 percent the day of the announcement.
Boosting the amount Berkshire is willing to pay for its shares is welcome news for investors because it helps set a new floor for the stock and is an effective use of the company’s growing cash hoard, said Tom Lewandowski, an analyst at Edward Jones & Co. The move could also revive a program that resulted in less than $100 million of buybacks through Sept. 30.
“Shares are cheap” even after the bump from the announcement, Lewandowski said. Buying back stock at the higher level “makes a lot of sense especially when you have $40 billion of cash on the balance sheet.”
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BYD Advances on China’s Electric Vehicle Push: Hong Kong Mover
the Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), rose to a 10- month high in Hong Kong, gaining for a second day, after China said it will encourage use of alternative energy vehicles.
BYD, China’s leading developer of electric vehicles, climbed 2.2 percent to HK$23.65 as of the midday trading break in Hong Kong, poised for its highest close since March 5. The gain follows a 1.3 percent advance the previous day.
China’s cabinet said at the weekend that it will take measures to ease traffic congestion with a goal of public transport accounting for 60 percent of all motor vehicle use in towns and cities. As part of the plan, the government will encourage usage of alternative energy vehicles in the public transportation system, potentially benefiting BYD which is developing electric buses and taxis.
Nomura Holdings Inc. yesterday upgraded BYD to a buy from neutral, with a target price of HK$30 from the previous HK$16, according to data compiled by Bloomberg.
Separately, BYD won an approval from the European Union to sell its electric buses, the company said in a statement yesterday. The approval allows BYD to sell the buses in all EU member states without the need for individual national permission, it said.
the Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), rose to a 10- month high in Hong Kong, gaining for a second day, after China said it will encourage use of alternative energy vehicles.
BYD, China’s leading developer of electric vehicles, climbed 2.2 percent to HK$23.65 as of the midday trading break in Hong Kong, poised for its highest close since March 5. The gain follows a 1.3 percent advance the previous day.
China’s cabinet said at the weekend that it will take measures to ease traffic congestion with a goal of public transport accounting for 60 percent of all motor vehicle use in towns and cities. As part of the plan, the government will encourage usage of alternative energy vehicles in the public transportation system, potentially benefiting BYD which is developing electric buses and taxis.
Nomura Holdings Inc. yesterday upgraded BYD to a buy from neutral, with a target price of HK$30 from the previous HK$16, according to data compiled by Bloomberg.
Separately, BYD won an approval from the European Union to sell its electric buses, the company said in a statement yesterday. The approval allows BYD to sell the buses in all EU member states without the need for individual national permission, it said.
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Buffett Railroad Sees Crude Cargo Climbing 40%
Burlington Northern Santa Fe LLC, the railroad owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), will boost crude-oil shipments by 40 percent this year, helping blunt a decline in coal cargo, Chief Executive Officer Matt Rose said.
BNSF will spend “a couple hundred million dollars” on capital improvements to haul more petroleum to refineries from the Bakken shale formation in the northwestern U.S., Rose said in a telephone interview. Crude oil shipments will grow to 700,000 barrels daily by the end of this year, he said.
Crude from the Bakken, which is putting the U.S. on course to become the world’s biggest oil producer by 2020, is helping the second-biggest U.S. railroad buck an industrywide slump in commodity cargoes. Fort Worth, Texas-based BNSF’s raw material volumes were little changed in 2012 as competitors posted declines, based on Association of American Railroads data.
“We’re the 1,000-pound gorilla in the oil markets,” said Rose, 53, who has been CEO for 12 years. “Crude by rail is going to be really strong for us. It’s been a real benefit to us to replace some of that lost coal business.”
BNSF, which Buffett took over three years ago in a $26.5 billion deal, saw coal shipments fall 6.2 percent last year, compared with an average drop among North America’s seven largest railroads of 9.8 percent, railroad association data show. Chemicals carloads grew 26 percent, the most among peers.
The railroad carried more coal than its bigger rival, Union Pacific Corp. (UNP), every year from 2007 through 2012, according to data compiled by Bloomberg. Both companies’ networks are centered west of the Mississippi River.
Tank Cars
BNSF isn’t the only piece of Berkshire’s empire benefiting from increasing output of shale oil produced by hydraulic fracturing. Union Tank Car Co. is already working at full capacity to produce rolling containers that carry the fuel in trains.
Rose is exploiting what he once projected would be a fleeting opportunity as the U.S. grows its oil production by the most since the first commercial well was drilled in 1859. Now he sees a “longer-term picture” moving petroleum by freight train because his network is more flexible than a pipeline can be.
BNSF is working with customers to build new loading facilities connected to its 32,000-mile (51,500-kilometer) rail network and plans to deliver crude to refineries in California, Oregon and Washington, Rose said.
It’s in talks with Norfolk Southern Corp. (NSC) and CSX Corp. (CSX) to carry crude to East Coast customers including Delta Air Lines Inc.’s refinery in Trainer, Pennsylvania, near Philadelphia, Rose said.
Crude Refineries
CSX is negotiating with western and Canadian railroads to allow shipments of crude oil east to “a number of refineries and terminals,” Lauren Rueger, a spokeswoman for the company, said in an e-mail. Robin Chapman, a spokesman for Norfolk Southern, said he couldn’t immediately comment.
“When you look at the flexibility of where this crude can go, this can be a very long-term business venture,” Rose said. “We’re out there right now working with a plethora of customers creating destination plants that allow this crude to get in markets where, five years ago, it would have been unthinkable that we’d be bringing crude into a place like Philadelphia
Berkshire Hathaway Azionisti Italiani
Burlington Northern Santa Fe LLC, the railroad owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), will boost crude-oil shipments by 40 percent this year, helping blunt a decline in coal cargo, Chief Executive Officer Matt Rose said.
BNSF will spend “a couple hundred million dollars” on capital improvements to haul more petroleum to refineries from the Bakken shale formation in the northwestern U.S., Rose said in a telephone interview. Crude oil shipments will grow to 700,000 barrels daily by the end of this year, he said.
Crude from the Bakken, which is putting the U.S. on course to become the world’s biggest oil producer by 2020, is helping the second-biggest U.S. railroad buck an industrywide slump in commodity cargoes. Fort Worth, Texas-based BNSF’s raw material volumes were little changed in 2012 as competitors posted declines, based on Association of American Railroads data.
“We’re the 1,000-pound gorilla in the oil markets,” said Rose, 53, who has been CEO for 12 years. “Crude by rail is going to be really strong for us. It’s been a real benefit to us to replace some of that lost coal business.”
BNSF, which Buffett took over three years ago in a $26.5 billion deal, saw coal shipments fall 6.2 percent last year, compared with an average drop among North America’s seven largest railroads of 9.8 percent, railroad association data show. Chemicals carloads grew 26 percent, the most among peers.
The railroad carried more coal than its bigger rival, Union Pacific Corp. (UNP), every year from 2007 through 2012, according to data compiled by Bloomberg. Both companies’ networks are centered west of the Mississippi River.
Tank Cars
BNSF isn’t the only piece of Berkshire’s empire benefiting from increasing output of shale oil produced by hydraulic fracturing. Union Tank Car Co. is already working at full capacity to produce rolling containers that carry the fuel in trains.
Rose is exploiting what he once projected would be a fleeting opportunity as the U.S. grows its oil production by the most since the first commercial well was drilled in 1859. Now he sees a “longer-term picture” moving petroleum by freight train because his network is more flexible than a pipeline can be.
BNSF is working with customers to build new loading facilities connected to its 32,000-mile (51,500-kilometer) rail network and plans to deliver crude to refineries in California, Oregon and Washington, Rose said.
It’s in talks with Norfolk Southern Corp. (NSC) and CSX Corp. (CSX) to carry crude to East Coast customers including Delta Air Lines Inc.’s refinery in Trainer, Pennsylvania, near Philadelphia, Rose said.
Crude Refineries
CSX is negotiating with western and Canadian railroads to allow shipments of crude oil east to “a number of refineries and terminals,” Lauren Rueger, a spokeswoman for the company, said in an e-mail. Robin Chapman, a spokesman for Norfolk Southern, said he couldn’t immediately comment.
“When you look at the flexibility of where this crude can go, this can be a very long-term business venture,” Rose said. “We’re out there right now working with a plethora of customers creating destination plants that allow this crude to get in markets where, five years ago, it would have been unthinkable that we’d be bringing crude into a place like Philadelphia
Berkshire Hathaway Azionisti Italiani
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Utili record per Wells Fargo In calo gli accantonamenti - Economia e Finanza con Bloomberg - Repubblica.it
MILANO - Well Fargo apre la stagione delle trimestrali delle banche con risultati record. Negli ultimi tre mesi dell'anno, l'utile è creciuto del 24% su base annuale a 5,1 miliardi di dollari, con un profitto record per azione di 91 centesimi. L'utile netto dell'intero anno è salito del 19% rispetto al 2011 a 18,9 miliardi di dollari (profitto record per azione di 3,36 dollari). Il fatturato è cresciuto del 7% a 21,9 miliardi di dollari nel quarto trimestre, rispetto allo stesso periodo dell'anno precedente, ed è aumentato del 6% a 86,1 miliardi di dollari nel 2012.
Risultati che hanno superato le stime degli analisti, che attendevano profitti per 87 centesimi per azione con un giro d'affari di 21,33 miliardi di dollari. "Siamo molto ben posizionati per il 2013", si legge nella nota della banca. I risultati del quarto trimestre includono varie voci straordinarie, tra cui un onere di 644 milioni di dollari, 9 centesimi per azione, in accantonamenti per incrementare le riserve in vista delle spese da sostenere nell'ambito del patteggiamento per chiudere la causa per presunte violazioni nelle procedure di foreclosure. L'istituto di San Francisco, che ha siglato l'accordo da 8,5 miliardi di dollari con le autorità di regolamentazione insieme ad altre nove banche, ha acconsentito a pagare 766 milioni di dollari.
Wells Fargo ha segnalato che nel quarto trimestre la media di depositi è cresciuta di 72 miliardi di dollari rispetto allo stesso periodo dell'anno precedente, mentre i prestiti sono cresciuti di 29,9 miliardi a un totale di 799,6 miliardi di dollari. Nell'intero anno il leverage operativo è stato positivo: la crescita del fatturato, appunto pari al 6%, ha superato l'aumento del 2% delle spese. Inoltre la banca ha parlato di "un ritorno superiore agli investitori" tramite il pagamento di un dividendo dell'83% più alto e il riacquisto di circa 120 milioni di propri titoli. Wells Fargo, che ha erogato 125 miliardi di dollari di mutui durante il trimestre, ha fatto sapere inoltre che le commissioni sui mutui sono aumentate da 2,4 a 3,1 miliardi. Infine, gli accantonamenti per future perdite collegate ai prestiti sono calate da circa 2 a 1,8 miliardi di dollari.
MILANO - Well Fargo apre la stagione delle trimestrali delle banche con risultati record. Negli ultimi tre mesi dell'anno, l'utile è creciuto del 24% su base annuale a 5,1 miliardi di dollari, con un profitto record per azione di 91 centesimi. L'utile netto dell'intero anno è salito del 19% rispetto al 2011 a 18,9 miliardi di dollari (profitto record per azione di 3,36 dollari). Il fatturato è cresciuto del 7% a 21,9 miliardi di dollari nel quarto trimestre, rispetto allo stesso periodo dell'anno precedente, ed è aumentato del 6% a 86,1 miliardi di dollari nel 2012.
Risultati che hanno superato le stime degli analisti, che attendevano profitti per 87 centesimi per azione con un giro d'affari di 21,33 miliardi di dollari. "Siamo molto ben posizionati per il 2013", si legge nella nota della banca. I risultati del quarto trimestre includono varie voci straordinarie, tra cui un onere di 644 milioni di dollari, 9 centesimi per azione, in accantonamenti per incrementare le riserve in vista delle spese da sostenere nell'ambito del patteggiamento per chiudere la causa per presunte violazioni nelle procedure di foreclosure. L'istituto di San Francisco, che ha siglato l'accordo da 8,5 miliardi di dollari con le autorità di regolamentazione insieme ad altre nove banche, ha acconsentito a pagare 766 milioni di dollari.
Wells Fargo ha segnalato che nel quarto trimestre la media di depositi è cresciuta di 72 miliardi di dollari rispetto allo stesso periodo dell'anno precedente, mentre i prestiti sono cresciuti di 29,9 miliardi a un totale di 799,6 miliardi di dollari. Nell'intero anno il leverage operativo è stato positivo: la crescita del fatturato, appunto pari al 6%, ha superato l'aumento del 2% delle spese. Inoltre la banca ha parlato di "un ritorno superiore agli investitori" tramite il pagamento di un dividendo dell'83% più alto e il riacquisto di circa 120 milioni di propri titoli. Wells Fargo, che ha erogato 125 miliardi di dollari di mutui durante il trimestre, ha fatto sapere inoltre che le commissioni sui mutui sono aumentate da 2,4 a 3,1 miliardi. Infine, gli accantonamenti per future perdite collegate ai prestiti sono calate da circa 2 a 1,8 miliardi di dollari.
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Berkadia Commercial Mortgage, the commercial real estate servicer which is a hybrid of Warren Buffett’s Berkshire Hathaway (BRK.A)(BRK.B) and Guru Ian Cummings’ Leucadia National (LUK), reported last week that it has acquired Hendricks & Partners, a multifamily investment banking company that has now changed its name to Hendricks-Berkadia.
Based in Phoenix, Hendricks & Partners is a company that advises clients on the sale, purchase and financing of multifamily real estate through its 30 offices in the U.S. Through this partnership, both parties will experience its desired expansion in client-base and services.
Developed in 2009, Buffett and Cummings formed Berkadia, betting that the U.S. commercial real estate market would rebound from its dark period when millions of homes were foreclosed and homebuyers resulted to renting, leading to stricter lending standards and loan approvals
In this February 2012 video snippet, Buffett appears on CNBC’s Squawk Box and describes the market as a “really attractive asset class.”
Berkadia is an approved lender for Fannie Mae, Freddie Mac and HUD/FHA, and has financed various community projects including multifamily, retail, office, industrial, senior housing, student housing and manufactured housing.
"Since the company was formed back in 2009, Berkadia has been able to steadily grow its strength and presence in the commercial real estate industry," Buffet said in a statement. "We see Berkadia's acquisition of Hendricks as another significant step in the growth of their multifamily expertise and services."
Buffett’s confidence in real estate recovery runs deep. Wells Fargo (WFC), the largest mortgage lender in the U.S., remains Berkshire’s second largest holding, representing 19.4 percent of its portfolio. Buffett has also been reported last October in partnering with Canadian real estate investor, Brookfield Asset Management, through Berkshire affiliate, HomeServices, to introduce Berkshire Hathaway HomeServices, a franchise brand that will serve as a full-service residential brokerage firm.
Cummings, himself, remains optimistic about the housing economy as well. He mentioned Berkadia in his April 2012 shareholder letter, expressing that it will be a slow and steady road before experiencing large returns from that market:
“The real estate financing market remains depressed with the commercial mortgage backed security market in prolonged intensive care, the primary reason that Berkadia's book of Mortgage Servicing Rights continues to shrink. From 2010 to 2011, the portfolio principal balance shrunk from $214 billion to $190 billion.
We are not alarmed by this contraction for three reasons. First, we expected it and priced the deal accordingly. Second, we restructured the company to hopefully become the lowest cost servicing provider in the industry. Finally, Berkadia's national network of originators are beginning to refuel the servicing engine, albeit slowly.
When Berkadia originates commercial loans for sale to investors, we typically retain the servicing rights. In 2011, Berkadia originated $5.2 billion of multifamily and commercial loans, up from $4.6 billion in 2010. The majority of these loans were multifamily loans sold to Fannie Mae, Freddie Mac, Ginnie Mae or the Federal Housing Administration, with Berkadia retaining the servicing rights. The more loans Berkadia can originate, the faster it will stabilize the servicing portfolio and the better the return on our investment.
Making money from a slowly melting ice cube is hard work and the success to date is a testament to the work of Hugh Frater [Berkadia CEO] and his team. When Hugh presented a budget for 2012 with an increase in both MSRs and dividends, we did not argue. Go team!”
Leucadia National, which Cummings runs with Joseph Steinberg, currently maintains three stocks: Cowen Group Inc. (COWN), INTL FC Stone Inc. (INTL) and Jefferies Group Inc. (JEF). Typically, the investment company engages in buying distressed companies at discount prices, and then revives them, profiting from the sell.
Besides Wells Fargo, Buffett’s top holdings include Coca Cola (KO), IBM (IBM) and American Express (AXP).
Berkshire Hathaway Azionisti Italiani
Based in Phoenix, Hendricks & Partners is a company that advises clients on the sale, purchase and financing of multifamily real estate through its 30 offices in the U.S. Through this partnership, both parties will experience its desired expansion in client-base and services.
Developed in 2009, Buffett and Cummings formed Berkadia, betting that the U.S. commercial real estate market would rebound from its dark period when millions of homes were foreclosed and homebuyers resulted to renting, leading to stricter lending standards and loan approvals
In this February 2012 video snippet, Buffett appears on CNBC’s Squawk Box and describes the market as a “really attractive asset class.”
Berkadia is an approved lender for Fannie Mae, Freddie Mac and HUD/FHA, and has financed various community projects including multifamily, retail, office, industrial, senior housing, student housing and manufactured housing.
"Since the company was formed back in 2009, Berkadia has been able to steadily grow its strength and presence in the commercial real estate industry," Buffet said in a statement. "We see Berkadia's acquisition of Hendricks as another significant step in the growth of their multifamily expertise and services."
Buffett’s confidence in real estate recovery runs deep. Wells Fargo (WFC), the largest mortgage lender in the U.S., remains Berkshire’s second largest holding, representing 19.4 percent of its portfolio. Buffett has also been reported last October in partnering with Canadian real estate investor, Brookfield Asset Management, through Berkshire affiliate, HomeServices, to introduce Berkshire Hathaway HomeServices, a franchise brand that will serve as a full-service residential brokerage firm.
Cummings, himself, remains optimistic about the housing economy as well. He mentioned Berkadia in his April 2012 shareholder letter, expressing that it will be a slow and steady road before experiencing large returns from that market:
“The real estate financing market remains depressed with the commercial mortgage backed security market in prolonged intensive care, the primary reason that Berkadia's book of Mortgage Servicing Rights continues to shrink. From 2010 to 2011, the portfolio principal balance shrunk from $214 billion to $190 billion.
We are not alarmed by this contraction for three reasons. First, we expected it and priced the deal accordingly. Second, we restructured the company to hopefully become the lowest cost servicing provider in the industry. Finally, Berkadia's national network of originators are beginning to refuel the servicing engine, albeit slowly.
When Berkadia originates commercial loans for sale to investors, we typically retain the servicing rights. In 2011, Berkadia originated $5.2 billion of multifamily and commercial loans, up from $4.6 billion in 2010. The majority of these loans were multifamily loans sold to Fannie Mae, Freddie Mac, Ginnie Mae or the Federal Housing Administration, with Berkadia retaining the servicing rights. The more loans Berkadia can originate, the faster it will stabilize the servicing portfolio and the better the return on our investment.
Making money from a slowly melting ice cube is hard work and the success to date is a testament to the work of Hugh Frater [Berkadia CEO] and his team. When Hugh presented a budget for 2012 with an increase in both MSRs and dividends, we did not argue. Go team!”
Leucadia National, which Cummings runs with Joseph Steinberg, currently maintains three stocks: Cowen Group Inc. (COWN), INTL FC Stone Inc. (INTL) and Jefferies Group Inc. (JEF). Typically, the investment company engages in buying distressed companies at discount prices, and then revives them, profiting from the sell.
Besides Wells Fargo, Buffett’s top holdings include Coca Cola (KO), IBM (IBM) and American Express (AXP).
Berkshire Hathaway Azionisti Italiani
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Con il titolo a 140 dollari ...gli warrants( opzione per compare a 115 dollari) di Berkshire cominciano ad avere un bel valore.
GOLDMAN SACHS Attesa in rialzo a Wall Street, util triplicati e sopra le attese
Goldman Sachs (GS.N) sale del 2% nel preborsa dopo la diffusione dei dati del trimestre. La quinta banca degli Stati Uniti per valore degli asset ha comunicato che l'utile netto si è triplicato rispetto allo stesso periodo del 2011 a 2,89 miliardi di dollari.
L'utile per azione rettificato si è attestato a 5,60 dollari mentre gli analisti si aspettavano mediamente 3,66 dollari, anche i più ottimisti non andavano oltre 4,80 dollari per azione.
I dati del trimestre hanno beneficiato degli incassi dalla vendita di asset per mezzo miliardo di dollari e dal miglioramento dei mercati: l'utile del quarto trimestre del 2011 era stato il più basso dalla metà del 2005.
Berkshire Hathaway Azionisti Italiani
GOLDMAN SACHS Attesa in rialzo a Wall Street, util triplicati e sopra le attese
Goldman Sachs (GS.N) sale del 2% nel preborsa dopo la diffusione dei dati del trimestre. La quinta banca degli Stati Uniti per valore degli asset ha comunicato che l'utile netto si è triplicato rispetto allo stesso periodo del 2011 a 2,89 miliardi di dollari.
L'utile per azione rettificato si è attestato a 5,60 dollari mentre gli analisti si aspettavano mediamente 3,66 dollari, anche i più ottimisti non andavano oltre 4,80 dollari per azione.
I dati del trimestre hanno beneficiato degli incassi dalla vendita di asset per mezzo miliardo di dollari e dal miglioramento dei mercati: l'utile del quarto trimestre del 2011 era stato il più basso dalla metà del 2005.
Berkshire Hathaway Azionisti Italiani
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BofA Says Repaying Buffett May Wait Until 8% Preferreds Redeemed
Bank Of America the second- largest U.S. lender, said repaying Warren Buffett’s $5 billion investment may wait until the company redeems preferred stock held by other investors getting a higher dividend.
“We’ve got over $5 billion of straight preferred stock that’s got coupons between 8 and 9 percent,” compared with the 6 percent paid to Buffett’s Berkshire Hathaway Inc. (BRK/A), Chief Financial Officer Bruce Thompson told reporters today in a conference call. “From an expensive-capital perspective, that’s the real expensive piece.”
Buffett announced the injection in August 2011, after the Charlotte, North Carolina-based lender’s stock fell more than 45 percent in eight months on concern that housing-related losses would drain capital. Bank of America stock more than doubled in 2012, the best performance in the Dow Jones Industrial Average, as Chief Executive Officer Brian T. Moynihan targeted cost cuts and sold assets to boost capital.
The lender’s Tier 1 common capital ratio reached 9.25 percent as of Dec. 31 under the newest international standards, up from about 8 percent six months earlier. Long-term debt fell to $276 billion from $372 billion a year earlier.
“We obviously continue to look at ways to shape the balance sheet,” Thompson said today. “It’s interesting that people always ask about the Berkshire preferred that’s got a 6 percent coupon.”
Bank of America is paying Omaha, Nebraska-based Berkshire $300 million a year. Under the accord, Moynihan agreed to pay a 5 percent premium, or $5.25 billion, to redeem the shares.
Buffett’s View
“Their condition has improved so significantly, and interest rates are so low, that they have the chance to do a number of things in that respect,” Buffett said in an interview this month. “I may like to keep it, but if it makes sense for them to call it, they’re going to call it.”
The lender a year ago sold $2.25 billion of 5.7 percent bonds due in January 2022, data compiled by Bloomberg show. The debt has rallied to 119 cents on the dollar as of yesterday to yield 3.3 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
The 2011 deal also gave Buffett 10-year warrants to buy 700 million of the bank’s shares at $7.14 apiece. The lender closed at $11.78 yesterday. Exercising those options at that price would generate more than $3 billion in profit.
Buffett has used Berkshire’s cash hoard to make investments in firms seeking to bolster their reputations and balance sheets when traditional credit markets tighten. His firm bought $5 billion of preferred shares in Goldman Sachs Group Inc. (GS) and $3 billion in General Electric Co. in the depths of the 2008 credit crisis, earning a 10 percent coupon and getting warrants.
Goldman Sachs and GE have redeemed the preferred shares.
Berkshire Hathaway Azionisti Italiani
Bank Of America the second- largest U.S. lender, said repaying Warren Buffett’s $5 billion investment may wait until the company redeems preferred stock held by other investors getting a higher dividend.
“We’ve got over $5 billion of straight preferred stock that’s got coupons between 8 and 9 percent,” compared with the 6 percent paid to Buffett’s Berkshire Hathaway Inc. (BRK/A), Chief Financial Officer Bruce Thompson told reporters today in a conference call. “From an expensive-capital perspective, that’s the real expensive piece.”
Buffett announced the injection in August 2011, after the Charlotte, North Carolina-based lender’s stock fell more than 45 percent in eight months on concern that housing-related losses would drain capital. Bank of America stock more than doubled in 2012, the best performance in the Dow Jones Industrial Average, as Chief Executive Officer Brian T. Moynihan targeted cost cuts and sold assets to boost capital.
The lender’s Tier 1 common capital ratio reached 9.25 percent as of Dec. 31 under the newest international standards, up from about 8 percent six months earlier. Long-term debt fell to $276 billion from $372 billion a year earlier.
“We obviously continue to look at ways to shape the balance sheet,” Thompson said today. “It’s interesting that people always ask about the Berkshire preferred that’s got a 6 percent coupon.”
Bank of America is paying Omaha, Nebraska-based Berkshire $300 million a year. Under the accord, Moynihan agreed to pay a 5 percent premium, or $5.25 billion, to redeem the shares.
Buffett’s View
“Their condition has improved so significantly, and interest rates are so low, that they have the chance to do a number of things in that respect,” Buffett said in an interview this month. “I may like to keep it, but if it makes sense for them to call it, they’re going to call it.”
The lender a year ago sold $2.25 billion of 5.7 percent bonds due in January 2022, data compiled by Bloomberg show. The debt has rallied to 119 cents on the dollar as of yesterday to yield 3.3 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
The 2011 deal also gave Buffett 10-year warrants to buy 700 million of the bank’s shares at $7.14 apiece. The lender closed at $11.78 yesterday. Exercising those options at that price would generate more than $3 billion in profit.
Buffett has used Berkshire’s cash hoard to make investments in firms seeking to bolster their reputations and balance sheets when traditional credit markets tighten. His firm bought $5 billion of preferred shares in Goldman Sachs Group Inc. (GS) and $3 billion in General Electric Co. in the depths of the 2008 credit crisis, earning a 10 percent coupon and getting warrants.
Goldman Sachs and GE have redeemed the preferred shares.
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Warren Buffett Enlarges DaVita Stake as Company Expands
As DaVita (DVA) continues to expand, so too does Warren Buffett’s stake in the company. Berkshire Hathaway (BRK.A)(BRK.B) on Jan. 9 increased its holding in the company by 1.3%, the latest of a string of 12 DaVita share purchases it made since October, according to GuruFocus Real Time Picks. The move is also its second of the new year, as DaVita began partnering with competitor Fresenius Medical Care (FMS) though its DaVita Rx pharmacy, and made headway in Europe.
The purchase made Berkshire 14.65% and largest owner of DaVita, followed at a distance by 5.52% holder Vanguard Group. DaVita has earned an eighth spot in Buffett’s selective portfolio of high-quality, predictable companies he likes to hold for the long term.
2013 hardly commenced before DaVita took two significant growth steps. On Jan. 8, it announced it will partner with Fresenius Medical Care, another leading dialysis services and products provider with a 33% share of the dialysis market in 2011. Under the agreement, FMC will use DaVita Rx prescription drug services to fill and ship oral medications to its U.S. Medicare patients.
Created in 2005, DaVita Rx is the first and largest full-service pharmacy catering exclusively to kidney patients. The partnership will help Fresenius comply with Congress’ mandate that all oral end-stage renal disease medications be included in the bundled payment model by 2016.
DaVita also announced Jan. 7 that it acquired nine dialysis centers from Fresenius, located in Portugal and Poland. The acquisitions bring DaVita’s total number of dialysis centers outside the U.S. to 33, along with its 1,912 centers in the U.S.
DaVita is a high-growth company, with revenue increasing at an annual rate of 19% for the last 10 years. In the same time, EBITDA grew at 21.4%, free cash flow grew at 9.8% and book value grew at 34.7%.
Its midday trading price of $109.07 is close to its 10-year high. Its P/B of 3.77 is close to a one-year high, and its P/S of 1.46 is close to a three-year high. DaVita has a P/E of 19.8.
Berkshire began picking up DaVita shares in the fourth quarter of 2011, when the price was much lower, just $71 a share on average. It is likely that one of Buffett’s new portfolio manager recruits, Ted Weschler, is the one making the trades, rather than Buffett himself.
Mi sembra ormai chiaro che Davita sta prendendo la stessa strada di Bnsf...
Berkshire Hathaway Azionisti Italiani
As DaVita (DVA) continues to expand, so too does Warren Buffett’s stake in the company. Berkshire Hathaway (BRK.A)(BRK.B) on Jan. 9 increased its holding in the company by 1.3%, the latest of a string of 12 DaVita share purchases it made since October, according to GuruFocus Real Time Picks. The move is also its second of the new year, as DaVita began partnering with competitor Fresenius Medical Care (FMS) though its DaVita Rx pharmacy, and made headway in Europe.
The purchase made Berkshire 14.65% and largest owner of DaVita, followed at a distance by 5.52% holder Vanguard Group. DaVita has earned an eighth spot in Buffett’s selective portfolio of high-quality, predictable companies he likes to hold for the long term.
2013 hardly commenced before DaVita took two significant growth steps. On Jan. 8, it announced it will partner with Fresenius Medical Care, another leading dialysis services and products provider with a 33% share of the dialysis market in 2011. Under the agreement, FMC will use DaVita Rx prescription drug services to fill and ship oral medications to its U.S. Medicare patients.
Created in 2005, DaVita Rx is the first and largest full-service pharmacy catering exclusively to kidney patients. The partnership will help Fresenius comply with Congress’ mandate that all oral end-stage renal disease medications be included in the bundled payment model by 2016.
DaVita also announced Jan. 7 that it acquired nine dialysis centers from Fresenius, located in Portugal and Poland. The acquisitions bring DaVita’s total number of dialysis centers outside the U.S. to 33, along with its 1,912 centers in the U.S.
DaVita is a high-growth company, with revenue increasing at an annual rate of 19% for the last 10 years. In the same time, EBITDA grew at 21.4%, free cash flow grew at 9.8% and book value grew at 34.7%.
Its midday trading price of $109.07 is close to its 10-year high. Its P/B of 3.77 is close to a one-year high, and its P/S of 1.46 is close to a three-year high. DaVita has a P/E of 19.8.
Berkshire began picking up DaVita shares in the fourth quarter of 2011, when the price was much lower, just $71 a share on average. It is likely that one of Buffett’s new portfolio manager recruits, Ted Weschler, is the one making the trades, rather than Buffett himself.
Mi sembra ormai chiaro che Davita sta prendendo la stessa strada di Bnsf...
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Buffett’s Railroad Boosts Capital Plan to $4.1 Billion
BNSF plans to increase capital spending at its railroad to about $4.1 billion this year, as the company prepares to handle rising oil shipments and expands intermodal terminal capacity.
The 2013 proposal includes $2.3 billion on the core rail network and about $1 billion on locomotive, freight car and equipment purchases, BNSF Railway Co. said in a statement yesterday. The Fort Worth, Texas-based unit is also spending about $250 million on a U.S. rail-safety mandate and $550 million for terminal, line and intermodal expansion and efficiency projects.
The expansion plans are designed in part to accommodate industrial product shipments tied to burgeoning oil production in the Bakken shale formation, concentrated in North Dakota. Intermodal shipments, which can move by sea, rail and highway, are also a focus for BNSF as railroads seek to haul more consumer goods.
“They are the primary player in the Bakken because of their lucky circumstance of having a railroad to North Dakota,” Tony Hatch, an independent rail analyst in New York, said in a telephone interview. With intermodal shipments, he said, “it’s quite encouraging to see them feel they have the opportunity to spend. To me, that says the intermodal story is hardly over.”
Chief Executive Officer Matt Rose said earlier this month that the railroad will spend “a couple hundred million dollars” on capital improvements to haul more petroleum to refineries from the Bakken formation, and that he expects BNSF to boost crude-oil shipments 40 percent this year.
“This record capital plan continues our long-term focus on ensuring our network is prepared for the growing U.S. demand for freight rail,” Rose said in the statement. “We are focused on investing to meet our customers’ expectations and to expand capacity where growth is occurring.”
BNSF said it spent $3.6 billion on capital investments last year
plans to increase capital spending at its railroad to about $4.1 billion this year, as the company prepares to handle rising oil shipments and expands intermodal terminal capacity.
The 2013 proposal includes $2.3 billion on the core rail network and about $1 billion on locomotive, freight car and equipment purchases, BNSF Railway Co. said in a statement yesterday. The Fort Worth, Texas-based unit is also spending about $250 million on a U.S. rail-safety mandate and $550 million for terminal, line and intermodal expansion and efficiency projects.
The expansion plans are designed in part to accommodate industrial product shipments tied to burgeoning oil production in the Bakken shale formation, concentrated in North Dakota. Intermodal shipments, which can move by sea, rail and highway, are also a focus for BNSF as railroads seek to haul more consumer goods.
“They are the primary player in the Bakken because of their lucky circumstance of having a railroad to North Dakota,” Tony Hatch, an independent rail analyst in New York, said in a telephone interview. With intermodal shipments, he said, “it’s quite encouraging to see them feel they have the opportunity to spend. To me, that says the intermodal story is hardly over.”
Chief Executive Officer Matt Rose said earlier this month that the railroad will spend “a couple hundred million dollars” on capital improvements to haul more petroleum to refineries from the Bakken formation, and that he expects BNSF to boost crude-oil shipments 40 percent this year.
“This record capital plan continues our long-term focus on ensuring our network is prepared for the growing U.S. demand for freight rail,” Rose said in the statement. “We are focused on investing to meet our customers’ expectations and to expand capacity where growth is occurring.”
BNSF said it spent $3.6 billion on capital investments last year
Berkshire Hathaway Azionisti Italiani
BNSF plans to increase capital spending at its railroad to about $4.1 billion this year, as the company prepares to handle rising oil shipments and expands intermodal terminal capacity.
The 2013 proposal includes $2.3 billion on the core rail network and about $1 billion on locomotive, freight car and equipment purchases, BNSF Railway Co. said in a statement yesterday. The Fort Worth, Texas-based unit is also spending about $250 million on a U.S. rail-safety mandate and $550 million for terminal, line and intermodal expansion and efficiency projects.
The expansion plans are designed in part to accommodate industrial product shipments tied to burgeoning oil production in the Bakken shale formation, concentrated in North Dakota. Intermodal shipments, which can move by sea, rail and highway, are also a focus for BNSF as railroads seek to haul more consumer goods.
“They are the primary player in the Bakken because of their lucky circumstance of having a railroad to North Dakota,” Tony Hatch, an independent rail analyst in New York, said in a telephone interview. With intermodal shipments, he said, “it’s quite encouraging to see them feel they have the opportunity to spend. To me, that says the intermodal story is hardly over.”
Chief Executive Officer Matt Rose said earlier this month that the railroad will spend “a couple hundred million dollars” on capital improvements to haul more petroleum to refineries from the Bakken formation, and that he expects BNSF to boost crude-oil shipments 40 percent this year.
“This record capital plan continues our long-term focus on ensuring our network is prepared for the growing U.S. demand for freight rail,” Rose said in the statement. “We are focused on investing to meet our customers’ expectations and to expand capacity where growth is occurring.”
BNSF said it spent $3.6 billion on capital investments last year
plans to increase capital spending at its railroad to about $4.1 billion this year, as the company prepares to handle rising oil shipments and expands intermodal terminal capacity.
The 2013 proposal includes $2.3 billion on the core rail network and about $1 billion on locomotive, freight car and equipment purchases, BNSF Railway Co. said in a statement yesterday. The Fort Worth, Texas-based unit is also spending about $250 million on a U.S. rail-safety mandate and $550 million for terminal, line and intermodal expansion and efficiency projects.
The expansion plans are designed in part to accommodate industrial product shipments tied to burgeoning oil production in the Bakken shale formation, concentrated in North Dakota. Intermodal shipments, which can move by sea, rail and highway, are also a focus for BNSF as railroads seek to haul more consumer goods.
“They are the primary player in the Bakken because of their lucky circumstance of having a railroad to North Dakota,” Tony Hatch, an independent rail analyst in New York, said in a telephone interview. With intermodal shipments, he said, “it’s quite encouraging to see them feel they have the opportunity to spend. To me, that says the intermodal story is hardly over.”
Chief Executive Officer Matt Rose said earlier this month that the railroad will spend “a couple hundred million dollars” on capital improvements to haul more petroleum to refineries from the Bakken formation, and that he expects BNSF to boost crude-oil shipments 40 percent this year.
“This record capital plan continues our long-term focus on ensuring our network is prepared for the growing U.S. demand for freight rail,” Rose said in the statement. “We are focused on investing to meet our customers’ expectations and to expand capacity where growth is occurring.”
BNSF said it spent $3.6 billion on capital investments last year
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Buffett Adds Fun Run to Annual Meeting to Complement Soda
Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc. (BRK/A), will add a five-kilometer run this year to an annual-meeting weekend known for featuring snacks like ice cream and candy.
Buffett will fire the starting gun for the run on Sunday, May 5, which will proceed through Omaha, Nebraska, the city where Berkshire is based, the company said in a statement.
The annual meeting attracts thousands of investors from around the world who fill Omaha’s CenturyLink Center to hear Buffett share his thoughts on investing, the economy and corporate governance. Buffett has used the meeting to highlight an investment in Coca-Cola Co. (KO), the world’s largest soft-drink maker, and Berkshire operating units like See’s Candies and the Dairy Queen ice cream business, maker of the Dilly Bar.
“A 5k will be the perfect complement to the See’s Candies, Dilly Bar and Cherry Coke everyone will enjoy while here,” Buffett, 82, said in the statement.
The race is being sponsored by Brooks, the Berkshire unit that makes running sneakers. The annual meeting is scheduled for May 4.
Berkshire Hathaway Azionisti Italiani
Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc. (BRK/A), will add a five-kilometer run this year to an annual-meeting weekend known for featuring snacks like ice cream and candy.
Buffett will fire the starting gun for the run on Sunday, May 5, which will proceed through Omaha, Nebraska, the city where Berkshire is based, the company said in a statement.
The annual meeting attracts thousands of investors from around the world who fill Omaha’s CenturyLink Center to hear Buffett share his thoughts on investing, the economy and corporate governance. Buffett has used the meeting to highlight an investment in Coca-Cola Co. (KO), the world’s largest soft-drink maker, and Berkshire operating units like See’s Candies and the Dairy Queen ice cream business, maker of the Dilly Bar.
“A 5k will be the perfect complement to the See’s Candies, Dilly Bar and Cherry Coke everyone will enjoy while here,” Buffett, 82, said in the statement.
The race is being sponsored by Brooks, the Berkshire unit that makes running sneakers. The annual meeting is scheduled for May 4.
Berkshire Hathaway Azionisti Italiani