The next question is about how much of a role the transportation of coal will play in BNSF's business going forward.
"The answer is coal is going to go down over time," he says. "I don't think there's any question about that."
Continue Reading Below
While he doesn't know how fast the decline will be, "coal is going to go down as a percentage of revenue significantly" over the next one to two decades.
For businesses, "if you are tied to coal, you've got problems."
Munger takes an even longer view, saying that all hydrocarbons will be gone from the face of the earth eventually. He can be gloomy sometimes.
Click here to see the full live coverage of Warren Buffett at Berkshire Hathaway's annual meeting:
Write to Erik Holm at firstname.lastname@example.org
(END) Dow Jones Newswires
May 06, 2017 12:35 ET (16:35 GMT)