One questioner asked about a closely held belief that Munger had recently overturned. After some thinking, Munger responded that Berkshire's recent purchase of railroad stocks marked a 180 degree change in thinking about the industry. According to Munger, railroads now have a huge competitive advantage over trucking because of innovations such as double-stacked cars and computer modeling of routes. Munger said he and Buffett were too late in recognizing the changes and could have made much more money. Apparently, Bill Gates figured out it out two years ago and made "multiples of his money" with railroads.