Yeah but IBM was always much smaller potatoes. IBM was never worth even $15 billion, BNSFs value approached $70 billion. Now you have the congruence of whats gone on with BNSF as well as IBM, AXP, and possibly some concerns about PCP. If the stock price was down a lot, then I wouldnt move but at 137, its worth considering lightening the load especially considering the very high % of portfolio that some people have in Berkshire.
Carloads down 16% from last year over almost a 2 month period with petroleum at -26.55%, that is significant. Yes intermodal has made up a lot of it but its much lower revenue. For the 4th quarter carloads were only down 5.36% with intermodal roughly flat and it hurt income by 10%, this quarters hit will be much larger. Sure BNSF is only 20% of berkshire, but the strains there are real.