Famous Quotes from 2012 Annual Meeting

1. "We'll have questions until noon, break for lunch, then continue until 3:30."

2. "The BNSF acquisition closed. We're very happy to have the railroad."

3. "Float reached new records. It's truly a remarkable asset."

4. "We have more cash than ever. We're patient."

5. "Every dollar we retain earns more than it would if paid as dividend. That's why we don't pay dividends."

6. "Cash is like oxygen. You don't miss it until you don't have it."

7. "We'll buy back shares if they're below intrinsic value. We're disciplined."

8. "We authorized up to $10B in repurchases. It's about capital allocation."

9. "Cash is a rathole. It burns you slowly while you hold it. But you need some cash."

10. "We need a cushion. But too much cash burns you through opportunity cost."

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Source: 2012_Annual_Meeting.md