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| Warren Buffett bought Burlington Northern Santa Fe railroad, valuing the whole company at more than 40 times free cash flow. BNSF has high barriers to entry. In fact, it's virtually impossible to compete with it. If you ship goods by rail in the West, you have little choice but to deal with BNSF. This gives the railroad what all great business have: pricing power. When inflation pushes up costs, BNSF pushes up prices.
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