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Warren Buffett Watch
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Warren: I'm "Envious" of the Other Buffett
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Richard Drew / AP Singer Jimmy Buffet performs barefooted with his band The Coral Reefers on the NBC "Today" televison show summer concert series in New York's Rockefeller Plaza, on June 25, 2004. |
It would be tough to confuse Warren Buffett with singer Jimmy Buffett, although they have the same last name and both of them like to play a stringed musical instrument. (Check out the photo below of Warren playing the ukulele.)
But the two Buffetts do share one important trait: they're both very good at making money. (They also share a longtime friendship.)
Ahead of his first-ever concert in Paris, The International Herald Tribune profiles Jimmy Buffett and his business acumen. It also extensively quotes Warren talking about Jimmy in a telephone interview with the newspaper's reporter.
"I admire his business even more than mine. He got the singing genes as well as the commercial genes. I'm envious."
Jimmy Buffett has turned his 1977 song "Margaritaville" into a profitable brand invoking the image of a laid-back tropical paradise. There are 13 Margaritaville Cafes around the world along with 43 Cheeseburger in Paradise restaurants, named after another J. Buffett hit.
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Nati Harnik / AP Berkshire Hathaway chairman Warren Buffett plays the ukulele at the Fruit of the Loom stand at the Qwest Center in Omaha, Neb., while touring exhibits prior to the annual Berkshire Hathaway shareholders meeting, Saturday, April 30, 2005. |
Warren Buffett says that like Coca-Cola, Jimmy Buffett's brand appeals to both men and women and he marvels at Jimmy's ability to take that brand and "broaden the application the way very few have been able to do."
Jimmy tells the Herald Tribune he learned an important lesson by watching how Warren runs Berkshire Hathaway: Hire good people and then "just let them do it."
Does Warren have any advice for Jimmy? "He doesn't need advice at all. He follows his instincts, passion, talent and enthusiasm. He doesn't need to change a thing."
But Warren did have a message for the newspaper's reporter to pass on to the singing business mogul: "Tell him to put me in his will."
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