(Editor’s note: This interview was originally published on May 12, 2010.) Given the problems that have apparently plagued the children of the world’s richest people, you might guess that the son of Warren Buffett (net worth: $47 billion) may not be a particularly good fit. At the very least, you can probably assume that he might not know the value of a dollar or a day’s work. As it happens, Peter Buffettthe youngest of the Warrens, dropped out of college, sold his inheritance, and followed his dream of becoming a musician (and won a slew of awards, including an Emmy, along the way). In his spare time, he gives lectures to parents on how to teach their children financial responsibility, which he has now turned into a book. Life is what you make of it: Find your way to fulfillment.
Observer: Why did you want to write this book?
Mr. Buffett: For decades, people would say to me, ‘You’re Warren Buffett’s son? But you’re so normal!’ It was funny to me that they were surprised that I came out like that. At one point, I was asked Citigroup to speak at these wealth management seminars that they have for clients, and I talked about how to raise kids so they don’t have to worry about money. People kept saying I should do a book. I thought it was great to think that my story could help people.
Did you have compensation? how much was it
yes. Whatever the going rate was in the 60s-50 cents, maybe a dollar.
Did you have a summer job?
Yes, I just got old enough. I was really into photography, and my dad owned a weekly newspaper, so I took a job there as a summer photo assistant, just a low-level job helping out where I could.
You did a year and a half at Stanford and then dropped out. How did your parents react to this?
In fact, none of us, me, brother or sister, have finished university. My parents always said, ‘Find something you like to do.’
In the book, you talk about how you received an inheritance from your grandfather, and it was $90,000 worth of Berkshire Hathaway stock, which you sold. Now it would cost $72 million. Any regrets about this?
People can’t believe I don’t believe it, but it’s true. And I actually didn’t sell it all at once. It grew over time, so I was able to take advantage of that. But I have absolutely no regrets. I have a more interesting life than I would have if I had just finished school and taken a job I didn’t like.
Did your father help you cultivate your musical side? Did he sing around the house?
He would hiss and sing all the time. His favorites were “The Hut Sut Song” and “Mairzy Doats”.
Your dad dressed up as Axl Rose and belted out a power ballad for a Geico scam earlier this year. Did you see the performance? How would you rate it?
He’s a total ham, as I’m sure you can imagine. Performance wise I thought it was OK Emphasis on ‘OK’
You have the same popular writing style as your father. But I can’t help but notice a distinct lack of sexual undertones, which is one of his trademarks. He always manages to marry popular business wisdom with innuendo in Berkshire’s annual report.
(laugh) He sure does. I make those jokes too, but not as much as he does. I’ve actually called him before. Two or three years ago, in the annual report, he made this joke about a girl in shorts in the supermarket – I can’t remember what it was – and I said: ‘Dad, come on, you can’t do that. That’s a lot’. And he just laughed.
You say he’s always been supportive of doing what you love, but has your dad ever asked you to come to work with him?
Before I left Stanford, and I wasn’t sure what I was going to do, I was thinking, ‘You know, my dad is such a big deal, maybe I should at least think about it.’ We talked about the opportunity and he sent me some annual reports, but it just wasn’t for me. And I never got the sense from him that he would want me to come work for him, but I always knew the door was open.
Your father is famous for giving almost all of his money to charity when he dies. Do you ever feel like, ‘Come on. Throw me a couple of bones.’
(laugh) I really am not. We are all comfortable and if we had extra money we would give it to charity anyway. And actually, when we all turned 40, we got $1 million, which was something that should never have happened.
So how did it happen?
I think my mother somehow talked her into it. My sister and brother were facing big challenges in their lives and my mother said, ‘This is going to change them. They are adults, but it would help.’
Do you have any advice for Lloyd Blankfein’s kids? One of the sons just finished his second year at the family business (Goldman Sachs), and the other will be a first-year investment banker this June.
I don’t have advice for them, but I do Lloyd Blankfein. I would just tell him to make sure his kids do it themselves. Let them learn how to fall so they can get up. Respect them enough to know they can do it, like my father. He was not tight-lipped or in love; the way he raised us was actually extremely respectful. Don’t write blank checks.
Now that you’re all grown up, are there any perks you get from being Warren Buffett’s son? Can you hop on a private jet every now and then? Do you get free car insurance?
There are several benefits. Riding a private jet sometimes is definitely one of them. Something I never take for granted!
