Musician Peter Buffett's Life Lesson from his Father Warren
He told me it reflects the most important lesson he learned from his father: the value of what Peter calls "dispassionate consistency." It's a trait that's reflected in the way Warren Buffett has been such a successful investor: make a financial decision based on facts and not emotion, and then stick to it.
Peter says that while he was enjoying a "great" childhood in Omaha, his father may not have been "playing catch with me in the backyard." But he was doing something Peter now feels is even more important. He was "insanely consistent" .. always coming home for dinner at the same time, always in the same good mood, always there.
Now Peter and his wife live in New York City, where they were initialized surprised by the widespread fascination with Warren Buffett as a "mysterious figure in a far-off land." It wasn't like that for the many years they lived in Milwaukee. There, he was Peter Buffett, the musician.
But, he says while people are curious about him as Warren Buffett's son, and the connection makes it easier to meet anyone and get invited places, ultimately people either like his music or they don't. It's "parent-neutral."
And while being Warren's son opens some doors, it can make it difficult to raise money for his music and theater projects. "People assume we've got plenty of money, and that's not true." (As the AP puts it, "The elder Buffett helps his three children but refuses to carry the weight for them." Peter told the wire service three years ago that his father gave him Berkshire Hathaway stock in the 70s that would now be worth millions, but that almost all of it had gone to supports his career and other expenses over the years. He takes no salary from his foundation.)
Peter Buffett is hoping to get some Adult Album Alternative radio play and make some money on his new CD, a prospect made easier by the fact that its on his own record label and by the new economics of the music business, which only require him to press a thousand or so copies of the disc. Most of the sales are digital downloads on services like iTunes.
Like his father, Peter Buffett may be dispassionate when trying to figure out how to deal with a complex world, but he is passionate about being successful at whatever he takes on.
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