Warren Buffett’s skill as an investor has made him one of the world’s wealthiest people. But in addition to making him a fortune, it also earned him a reputation for prudence, integrity, and a relentless focus on value.
Mr Buffett started flying with NetJets in the mid 1990s. Although he already owned a private jet, his pursuit of value had led him to an inescapable conclusion: very few people who fly privately use their aircraft enough to justify actually owning one.
In NetJets, Mr Buffett found a business after his own heart. The company’s focus on smarter ways to use money, the value inherent in its fractional ownership model, and its commitment to safety and performance all dovetailed with the ethics of his own company, Berkshire Hathaway.
In 1998, Berkshire Hathaway bought NetJets, Inc. In his annual letter to shareholders, Mr Buffett reported that, “I've sold the Berkshire plane and will now do all of my business flying, as well as my personal flying, with NetJets' crews”. In his 2006 letter, he added that, “Once you’ve flown NetJets, returning to commercial flights is like going back to holding hands”.
Today, NetJets Europe enjoys the full financial support of Berkshire Hathaway. Through this support, NetJets Europe can guarantee financial stability and safety standards that other carriers simply can’t match.
Warren Buffett is currently the third-richest person in the world. And he still doesn’t own a private jet.