This celebrity has owned Berkshire Hathaway stock for 25 years and claims he is related to Warren Buffett


Many investors have turned to Berkshire Hathaway Inc BRKABRKB over the years as a long-term investment option. Among those who have believed in Warren Buffett for the past 25 years is a celebrity who shares his last name.

What happened: Musician and businessman Jimmy Buffett told Saturday that he has owned shares in Berkshire Hathaway for more than 25 years.

“Never sold anything,” Buffett told CNBC’s Becky Quick when asked if he had been a holder all those years.

The musician said he has been friends with Berkshire chairman Warren Buffett for years and got to know him while tracing his family line.

Jimmy Buffett told Quick he thinks the two are related, “somewhere in a French village”. However, a DNA test by 23andMe revealed that the two Buffetts are not related.

Musician Buffett also designed a pontoon boat made by Forest River, a Berkshire subsidiary. The pontoon boat was shown and offered for sale for the first time during the shareholders’ event.

Warren Buffett referred to the musician as “cousin” Jimmy Buffett in a February shareholder letter announcing the new boat.

“Your bargain-hunting chairman will buy a boat for his family’s use,” Warren Buffett said at the time.

Jimmy Buffett also shared a bit of his success story building a business brand around the “Margaritaville song.”

Buffett confirmed that the song was written in less than seven minutes.

“Played on stage for people who had never heard it before, got on the set list and became a fan favorite,” Buffett said.

Rather than the song becoming a major radio hit first, Buffett said the classic tune was made up of good performers.

Related link: No Wasting Here: Jimmy Buffett’s Margaritaville Business Empire in Post-Pandemic Expansion Mode

Why it matters: Berkshire Hathaway does not pay dividends, but chooses to invest in companies through buyouts or large equity stakes. Buffett and Berkshire Hathaway prefer a long-term approach, betting on companies that offer value and predictable financial numbers.

The companies owned by Berkshire Hathaway include Geico, Fruit of the Loom, Duracell and Dairy Queen.

Berkshire Hathaway also owns major interests in Apple Inc AAPL, Bank of America Corp BAC, Coca-Cola Inc KO and American Express Inc AXP.

Berkshire Hathaway is up 6.6% in 2022 from a return of -13.8% for the SPDR S&P 500 Trust ETF SPY.

From 1956 to 2021, Berkshire Hathaway posted an average annual return of 20.1%, compared to 10.3% for the S&P 500.

Photo: Created using images from sjfst17 and Fortune Live Media on Flickr


This post This celebrity has owned Berkshire Hathaway stock for 25 years and claims he is related to Warren Buffett was original published at “https://www.benzinga.com/general/entertainment/22/04/26918953/this-celebrity-has-owned-berkshire-hathaway-shares-for-25-years-and-claims-he-is-related-to”

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