Berkshire’s Warren Buffett pushes back against Omaha streetcar

Yahoo Finance Live anchors Brian Sozzi and Brad Smith discuss Warren Buffet’s take on a proposed $300 million streetcar investment in Omaha, Nebraska.

Video Transcript

BRAD SMITH This is another story that we are tracking on the day. We only have about four seconds to spare in this second waste water story. Let’s look at Warren Buffett’s opposition to a proposed $300 million streetcar system in Omaha, Nebraska. Despite the fact that the hole has already been dug, it is still being opposed. Buffett encourages the city to continue investing in its bus system.

I don’t have a problem with the investment. I don’t think it’s possible to have both investments. One is an investment into the bus system to ensure that people have access to transportation. But then again, I don’t know much about streetcar racing in Omaha. I suppose he would be hesitant and say, “You know what?” We have another way.

BRIAN SOZZI Warren Buffett is my friend on this one. Streetcars seem outdated, and I find them borderline stupid. You’re letting traffic run through the streets and–

BRAD SMITH As a American muscle car fan, you might say this.

BRIAN SOZZI I do. No, they aren’t streetcars. Yeah.

BRAD SMITH Oh, I see.

BRIAN SOZZI So we have these subway cars running on busy streets today with cars racing, as well as all these high-powered cars. Warren is right. These are not things I want in my home. I believe they are there only to benefit the Mutual of Omaha.

[BUZZER]

The company is opening a $600 million new headquarters in the area.

BRAD SMITH It’s a very good point. I misunderstood streetcar. My mind drifted to street racing.

BRIAN SOZZI Fair enough.