For the record, Berkshire is underwater on a lot of it's BNI shares. I'm just not seeing this transaction.

First, Buffet is paying an $8 billion premium for the shares. Second, Berk is using cash from it's insurance operations to fund the cash piece. This puts enormous risk on the insurance side.

In return, Buffet gets a Capex hog that's warehousing cars. Sales are down 22% yoy. IMO, the estimate for next years growth is fantasy. If stores aren't building inventory for Christmas and US coal use keeps falling and trucks get cheaper and cheaper, what exactly is BNI going to haul.