“The people who are most successful are those who are doing what they love.” - Warren Buffett
Buffett has been a dominant force in the industry for decades. When he speaks on camera or appears on a stage, we listen intently for some pearl of wisdom. He speaks and writes in simple truths we can identify with. Did you know he is one of seven authors to have a number one book on both the New York Times Fiction and Non-Fiction Best Sellers list? This places him in the company of John Steinbeck and Ernest Hemingway. Forbes places him on its list of billionaires. Even though he a has amassed exceptional wealth, he remains down-to-earth and relatable.
I am not talking about Warren, but the headline quote from him is one of my favorites and seems fitting for the Buffett we lost a few weeks ago –
Jimmy Buffett (December 25, 1946 – September 1, 2023).
It certainly seems that Jimmy Buffett was successful in doing exactly what he loved for over fifty years.Jimmy passed away over Labor Day weekend. It is fitting Jimmy would give us one last summer and one last three-day weekend. It was also a Labor Day weekend (1973) that he sat in a lonely “L.A. haze” and penned his first hit, Come Monday - “Headin' out to San Francisco for the Labor Day weekend show….”
We all own it, but your age probably indicates whether you own the vinyl, cassette, CD, or a digital version of Jimmy Buffett’s Songs You Know by Heart. The soundtrack for several generations’ summers.
These are the big ones, but he has over 350 songs to his credit. Nobody From Nowhere, Treat Her Like a Lady, and The Peanut Butter Conspiracy are among them.
I hope the following is not blasphemous to the Parrotheads reading this, but Jimmy was not considered a great musician or a great singer. Jimmy himself has been quoted as saying, “I am not even the best singer in my own band.”
He was an exceptional entertainer and entrepreneur.
Roughly half of his estimated billion-dollar net worth originates from his artistic side, the balance is attributed to his investing and business acumen. There are over 30 Margaritaville hotels and resorts and another 150 Jimmy Buffett-themed restaurants around the world, with the menu featuring his legendary “Cheeseburger in Paradise.” He has retirement communities, called Latitude Margaritaville, in Florida, Hilton Head, and one being built in Texas.
The singer’s Landshark beer and Margaritaville tequila are nationally distributed. He even owns an estimated $19,000,000 of Warren Buffett’s Berkshire Hathaway stock.
Over the last few weeks, thinking about the life and times of Jimmy Buffett, the lesson I take from this sailor turned entertainer turned businessman is balance.
“Take it all in… it’s as big as it seems. Count all your blessings. Remember your dreams.”
- Jimmy Buffett
It is easy to spend a significant portion of our lives working and saving and waiting, for “that” day. The investment industry is essentially built on this concept - work, save, invest, plan, retire. This remains the way many think about life.
That said, I continue to see a shift in the mindset among the individuals I respect most. An emphasis on now, a balance between ambition and living, a balance between planning for the future and savoring the present. I am reminded that life is meant to be lived to the fullest, and success is not defined by hours worked, but by the enjoyment we derive from living.
Nibble some sponge cake, watch the sun bake, boil some shrimp and contemplate balance. Please let me know how I can help.
My Best,
Ryan