I have a great deal of respect for Warren Buffet. Much of what I know (or think I know) about investing has come from listening to and watching him and his partner Charlie Munger. Surely they have got to be the most successful investors living today.
But there are some things that I don't always agree with them on. The first and most obvious one is crypto. Warren thinks it is speculative rat poison and I think it is the future of the internet. I understand where he is coming from in that it does not produce cash in the same way as say a farm or an apartment building. But that doesn't mean it won't have value.
The second one, as I have learned today, is maybe streetcars. As a rule, Warren doesn't typically engage in local politics. But he recently decided to break that rule through a letter he wrote to the editor of the Omaha World-Herald, lobbying against a new $306 million project that I believe is going ahead regardless.
I have a great deal of respect for Warren Buffet. Much of what I know (or think I know) about investing has come from listening to and watching him and his partner Charlie Munger. Surely they have got to be the most successful investors living today.
But there are some things that I don't always agree with them on. The first and most obvious one is crypto. Warren thinks it is speculative rat poison and I think it is the future of the internet. I understand where he is coming from in that it does not produce cash in the same way as say a farm or an apartment building. But that doesn't mean it won't have value.
The second one, as I have learned today, is maybe streetcars. As a rule, Warren doesn't typically engage in local politics. But he recently decided to break that rule through a letter he wrote to the editor of the Omaha World-Herald, lobbying against a new $306 million project that I believe is going ahead regardless.
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“Residents can be far better served by extended or more intensive service by the bus system,” Buffett wrote. “As population, commerce and desired destinations shift, a bus system can be re-engineered. Streetcars keep mindlessly rolling on, fuelled by large public subsidies. Mistakes are literally cast in cement.”
I should, however, be clear that (1) I know nothing about Omaha and this streetcar project, and (2) "streetcars" can be nuanced. There are streetcars that compete with car traffic and have short station spacing, and there is light rail transit on its own dedicated tracks and with farther station spacing. One size does not fit all.
Here in Toronto, we have lots of the former and they generally move you around at the slowest possible speeds. Sometimes it is faster to just walk. But we are also getting a new light rail line next year and that should move much faster. I can also tell you that when I worked in Dublin many years ago, I took their Luas to the office every day and loved it.
Again, I don't know the specifics of Omaha's streetcar project. Maybe Warren is right or maybe he is wrong. And that's why I was careful to say "maybe" above. But I do know that in the right urban contexts and when done well, I am a fan of light rail transit.
I often hear people lamenting about all of the construction that is taking place right now at Yonge & Eglinton in midtown Toronto. But that's kind of what happens when you build a new subway line (okay, a partially buried light rail transit line). Above is a recent drone video that Metrolinx released showing the progress at Eglinton Station (I think I would have gone with a little Booka Shade for the soundtrack instead). I bet that most of you will be surprised to see how much is happening beneath street level. If you can't see the above video, click here.
“Residents can be far better served by extended or more intensive service by the bus system,” Buffett wrote. “As population, commerce and desired destinations shift, a bus system can be re-engineered. Streetcars keep mindlessly rolling on, fuelled by large public subsidies. Mistakes are literally cast in cement.”
I should, however, be clear that (1) I know nothing about Omaha and this streetcar project, and (2) "streetcars" can be nuanced. There are streetcars that compete with car traffic and have short station spacing, and there is light rail transit on its own dedicated tracks and with farther station spacing. One size does not fit all.
Here in Toronto, we have lots of the former and they generally move you around at the slowest possible speeds. Sometimes it is faster to just walk. But we are also getting a new light rail line next year and that should move much faster. I can also tell you that when I worked in Dublin many years ago, I took their Luas to the office every day and loved it.
Again, I don't know the specifics of Omaha's streetcar project. Maybe Warren is right or maybe he is wrong. And that's why I was careful to say "maybe" above. But I do know that in the right urban contexts and when done well, I am a fan of light rail transit.
I often hear people lamenting about all of the construction that is taking place right now at Yonge & Eglinton in midtown Toronto. But that's kind of what happens when you build a new subway line (okay, a partially buried light rail transit line). Above is a recent drone video that Metrolinx released showing the progress at Eglinton Station (I think I would have gone with a little Booka Shade for the soundtrack instead). I bet that most of you will be surprised to see how much is happening beneath street level. If you can't see the above video, click here.
this past week on November 1st, 2018, after a five-year construction process.
Designed by Snøhetta (design architect) with Dialog (architect of record) and Entuitive (structural engineer), the building was previously named one of “the 12 most anticipated buildings of 2018″ and one that will surely serve as a landmark for the city.
One of the most interesting things about this project, for me, is how it both gives back and integrates with the broader urban fabric.
It is both a library and public plaza, and it sits atop the city’s busiest LRT line. About 40% of the site area is taken up by tracks (and probably setback), which means that the structural system of the building was forced into 12m (~40 foot) clear spans (done in concrete). It is the first time in the city’s history that an active LRT line has ever been encased and built over.
It is a magnificent building and reason enough to visit Calgary, if you aren’t already there. I am hoping to get out there and photograph this project sometime soon.
this past week on November 1st, 2018, after a five-year construction process.
Designed by Snøhetta (design architect) with Dialog (architect of record) and Entuitive (structural engineer), the building was previously named one of “the 12 most anticipated buildings of 2018″ and one that will surely serve as a landmark for the city.
One of the most interesting things about this project, for me, is how it both gives back and integrates with the broader urban fabric.
It is both a library and public plaza, and it sits atop the city’s busiest LRT line. About 40% of the site area is taken up by tracks (and probably setback), which means that the structural system of the building was forced into 12m (~40 foot) clear spans (done in concrete). It is the first time in the city’s history that an active LRT line has ever been encased and built over.
It is a magnificent building and reason enough to visit Calgary, if you aren’t already there. I am hoping to get out there and photograph this project sometime soon.
