Warren Buffett Defends Aircraft Ownership
March 11th, 2009. Filed under: Uncategorized.When Berkshire Hathaway CEO Warren Buffett bought a Bombardier Challenger 600 twenty years ago, he named the large-cabin business jet The Indefensible because of his past criticisms of such purchases by other CEOs. However, after the investment guru used the jet, he realized its value as a business tool and later renamed it The Indispensable.
Even in light of the current economy, Buffett believes that aircraft are still a valuable business tool, according to his remarks during an interview that aired on CNBC yesterday morning.
Responding to a question about how he feels about President Obama “openly criticizing the use of corporate jets by CEOs,” Buffett said, “Berkshire has been better off by me having a plane available to go and do deals or whatever it may be. A lot of times it doesn’t work out. But net, it’s a plus. We have done things I wouldn’t have done if we hadn’t had a plane. And I think it’s…a big mistake to start demonizing anybody in this game. I just think it causes the American people to look backwards. And we don’t want villains, we want victory.”*
As a small business owner, I couldn’t agree more with Mr. Buffett. Having a general aviation aircraft at my disposal has saved me days of driving (added days of productivity). It allows me to have more productive face to face meetings with my clients, where normally only a phone meeting would otherwise be practical.
*source: AINonline
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May 9th, 2009 at 1:12 am
…President Obama “openly criticizing the use of corporate jets by CEOs…”
I do recall those remarks, but they were short-lived. Short-lived because he said nothing about the 60+/- corporate jets that were used by folks attending his Inauguration. (Sorry, end of rant)
As one more example, corporate jets, in reality, are more cost-effective than having $2000-per-hour executives standing around in an airport waiting…waiting…waiting
Bill’s last blog post..Back in the Saddle Again