"Meet the Buffetts" - Peter Buffett, The Youngest Buffett
Thursday, May 01, 2008
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SUSIE GHARIB: The pilgrimage has begun to see the "Oracle of Omaha". Over the next 24 hours, thousands of shareholders of Berkshire Hathaway will make their way to Omaha, Nebraska, for the company's annual meeting to hear the investment advice of Chairman and CEO Warren Buffett. I'll be joining them, covering the event and I'll have a full wrap-up on Monday night's program.
Ahead of that, we're taking an up-close personal look at the investment guru by talking with his kids: Susie, Howard, and Peter. As we conclude our series, "Meet the Buffetts," we introduce you tonight to Peter, the youngest of Warren Buffett's three children.
Peter Buffett is the creative and musical son of Warren Buffett. He lives in New York and he performs and composes new age music. Peter has composed music for TV commercials and Hollywood movies, including "Dances with Wolves," the Oscar winning movie. But his foundation, Novo, is where he spends much of his time, donating money to help prevent violence against women, as well as funding programs that educate them. Like his sister and brother, Peter is getting more than a billion dollars for his foundation from his father. And he runs Novo in the Warren Buffett style -- low-key; there's not even a sign on the front door. Peter, did your father ever want you to work for his company?
PETER BUFFETT, CHAIRMAN, NOVO FOUNDATION: Absolutely not, never. It was always about find something you love because that's what he does. He does what he loves. And I was lucky enough to find that in music and make that my career.
GHARIB: We've seen your father play the ukulele and sing at Berkshire shareholder meetings. Does he share your love of music?
BUFFETT: Absolutely, yeah. I had to move his car from his parking space at some point not too long ago, a couple years ago. And I started it up and Glen Miller just came flying out of the speakers and I thought this is great. Not only is he listening, of course, it's Glen Miller. He's in his world and that's great because it's great music. But he's listening loud. And I don't think it's because he can't hear. I think is because he was really enjoying it.
GHARIB: Of your siblings you live the furthest from your father. How often are you in touch with him?
BUFFETT: We talk sporadically. Sometimes it's every couple of weeks, sometimes it longer, sometimes it shorter. It kind of depends on what is going on. The most impressive thing about my dad is no matter when you call him up, you never feel like there isn't time to talk. I mean he is always available which I think a lot of people would be very surprised at.
GHARIB: This week we heard interesting stories from Howard and your sister Susie about growing up as the kids of Warren Buffett.
BUFFETT: Right.
GHARIB: What are your most vivid memories?
BUFFETT: My dad was always home at the same time. I really had no idea what he did. But he read a lot. I knew that.
GHARIB: Susie said that your father wasn't as rich and famous when she was growing up. But it was different for you. Did the publicity make people treat you and your family differently?
BUFFETT: No, not when we were growing up. It really happened, frankly, just a few years ago when I moved to New York. And I realized, you know, being his son in New York is sort of like being the president's son in Washington. Something, you know, it's the center of the financial universe and it mattered. And very early on I called him up. And again speaking in those personal ways, I would call him up and say you know, it's weird being here. Because this last name thing is big. I have really never felt it. He said, you know, I hadn't really thought about that. Typical of him, you know, he is not thinking well, of course, that happens to me. He is thinking yeah, I guess you are right.
GHARIB: What is it like walking with your father on the streets of New York?
BUFFETT: It is surprising how many people recognize him.
GHARIB: And what is his reaction?
BUFFETT: You know, he's the typical folksy Omaha guy that waves and smiles.
GHARIB: To what extend do you think that Omaha shaped who your father is and living in Omaha?
BUFFETT: A lot. If he had come to Wall Street and worked for years, it would have been a very different life. He would have been chasing things because other people were chasing them. I think because of his character, he wouldn't have been, but it would have been much harder. Omaha allowed him to have that singular focus and think about what his direction was going to be in the world he was in and not get distracted by all the noise of being in New York.
GHARIB: Here in New York, people who have money like to show it off in a big way.
BUFFETT: Right, yup.
GHARIB: Your father is wealthier than all of them, but he is incredibly modest about it. Why is that?
BUFFETT: My father isn't actually trying to make money. He loves what he does and the money just keeps coming out. The money is the byproduct. And it's a great scorecard. It tells him he is doing a great job and he is the best at what he does. He is not making it to spend it or to make himself happy or look better to his friends.
GHARIB: Let's talk a little bit about your father's $37 billion donation to the Bill and Melinda Gates Foundation. A lot of people in your position would not be OK with what he did. What would your reaction, how did you feel about it?
BUFFETT: I never thought that I should benefit from his success. And maybe I'm crazy. Because I know there are so many people from so many different cultures and walks of life that think that's why you make money, is to pass it to your children. For whatever reason, I thought the opposite. I thought this is his success. It's not mine. He should do what he wants with it. I am thrilled that I am not saddled with this idea that why am I not getting something. Because that can, you know that would haunt me for the rest of my life.
GHARIB: Now the billion dollars that your father gave to your foundation is a lot of money to manage. Did you ask for his help?
BUFFETT: No, I felt that his letter that he wrote to Susie and Howie and myself was clear in terms of what -- why he was doing it and what his expectations were. And it is wonderful to have a father again, that says, you know what, I believe in you. I know will you find the answers. Do it. And do it with complete immunity in terms of, you know, me standing over your shoulder and judging you because I believe in you.
GHARIB: Why do you think your father has been so incredibly successful?
BUFFETT: I think it's because he's removed emotion from his decision- making. He is not colored by anything he thinks somebody else is doing, somebody else might want, some feeling he has about something that might not be rational. Ultimately, it's because he is clear and unemotional, dispassionate about his relationship to those numbers on the page and the information he's taking in.
GHARIB: Be sure to join us Monday for our coverage from Omaha of the Berkshire Hathaway annual meeting.
