11/19/2009

Even Warren Buffett won't go on forever, writes Felix Salmon -- so does it really make sense for Berkshire Hathaway to be making hundred-year bets on the health of the rail sector? Buffett's successor will inherit an undervalued conglomerate, and he or she will come under pressure to sell off its component parts, Salmon notes. "That's no bad thing: it's intrinsic to the nature of capitalism, which Buffett loves," he writes. "But it does mean that buying companies on a 100-year time horizon is somewhat unrealistic."

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