Power Players

Warren Buffett's advice to JLo inspired the name of her fragrance: 'He told me something that resonated'

VIDEO1:5501:55
Suzy Welch: The life-changing lesson Warren Buffett taught me at a dinner...

The name of Jennifer Lopez's latest fragrance, Promise, was inspired by something billionaire Warren Buffett told the singer, actress and entrepreneur, who is performing during the halftime show at Sunday's Super Bowl LIV.

"He told me something that resonated with me," ABC News reported Jennifer Lopez saying at a fragrance launch event in September. "He said, 'a brand is a promise.'"

"I just feel like everything that I put out into the world has to be a promise," she said. "We have to have promises with ourselves. It's really the foundation that keeps us going. It really made me think about life in a bigger way."

So Lopez thought it would be the right name at the right time for her fragrance.

Forbes ranked Lopez as the 76th top celebrity earner for 2019, at $43 million in estimated earnings. Her 25-scent fragrance empire is reportedly worth $2 billion, according to WWD.

Although the advice sparked inspiration for Lopez, it isn't the first time Buffett had shared it. He told Berkshire Hathaway shareholders the same thing at both the 2008 and 2009 shareholders meetings in Omaha, Nebraska.

In fact the chairman and CEO of Berkshire has mentioned the word "promise" over 130 times in his letters to shareholders throughout the years – each time in reference to promises kept, promises broken by others and promises he made to shareholders.

"[A]t Berkshire we can keep our promises," Buffett said in his 1993 letter to shareholders.

And in his 1990 letter he said, "[w]e will behave exactly as promised, both because we have so promised, and because we need to in order to achieve the best business results."

"I think you can take Warren's promises to the bank," Charlie Munger, vice chairman of Berkshire, said during the company's 2008 meeting in Omaha.

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