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Coal in Your Stocking: Hypocrisy, Senility or Common Sense?

November 13th, 2009 Michael McDonough

An excerpt from “Coal in Your Stocking: Hypocrisy, Senility or Common Sense?”

Joe, a retired coal miner in WV

Joe, a retired coal miner in WV

At lunch last week with former colleague and Wall Street writer/editor Bill Johnsen, the topic du jour was Warren Buffett’s Berkshire Hathaway (BRK.A) purchase of Burlington Northern Santa Fe (BNI). Bill wanted to know if I thought the acquisition was an act of hypocrisy, senility, or common sense.

I said it was the latter, Bill agreed, and we held forth on how history should eventually prove Mr. Buffett has made another wise investment. Not only is Buffett betting on the resilience of the U.S. economy, but on an energy source arguably taking as much heat as it provides in Washington, coal.

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