WarrenBuffett has been a dominant force in the industry for decades, but I am not goingto discuss him today. Today, we will be remembering and honoring anotherBuffett, the one we lost a few weeks ago: James (Jimmy) William Buffett(December 25, 1946 – September 1, 2023).
JimmyBuffett was extraordinarily successful in doing exactly what he loved for overfifty years. Forbes places him on its list of billionaires, but even though heamassed exceptional wealth, he remained down-to-earth and relatable. He spokeand wrote in simple truths we could all identify with.
Funfact: Jimmy Buffett is one of only seven authors to have a number one book onboth the New York Times fiction and non-fiction best sellers list. This placeshim in the company of John Steinbeck and Ernest Hemingway!
Welost the troubadour over Labor Day weekend. It is fitting Jimmy would give usone last summer and one last three-day weekend to raise an oddly-shaped, salty-rimmedglass filled with a “frozen concoction” in celebration of a life well lived.
Interestingly,it was also a Labor Day weekend (1973) when he sat in a lonely “L.A. haze” andpenned his first hit, “Come Monday” - “Headin' out to San Francisco for theLabor Day weekend show….”
Weall 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.
Hehas over three hundred and fifty songs to his credit, like “Nobody FromNowhere,” “Treat Her Like a Lady,” and “The Peanut Butter Conspiracy.”
Ihope the following is not blasphemous to the Parrotheads reading this, butJimmy was not considered a great song writer, a great musician, or a greatsinger. Jimmy himself has been quoted as saying, “I am not even the best singerin my own band.”
But,he was an exceptional entertainer and entrepreneur.
Roughlyhalf of his estimated billion-dollar net worth originates from his artisticside, and the rest is attributed to his investing and business acumen. Thereare more than thirty Margaritaville hotels and resorts and another one hundredand fifty Jimmy Buffett-themed restaurants around the world, featuring hislegendary “Cheeseburger in Paradise.” He has retirement communities, calledLatitude Margaritaville, in Florida, Hilton Head, and one is being built inTexas. The singer’s Landshark beer and Margaritaville tequila are nationallydistributed. He even owns an estimated $19,000,000 of Warren Buffett’sBerkshire Hathaway stock.
Ifind it no coincidence that my entrepreneur career began with Jimmy Buffettconcerts. My high school friend, Brian, and I would load two kegs and fiftyfriends onto a bus to watch the Jimmy Buffett concerts. It was a ton of fun –until we got caught.
Overthe last few days, listening to, thinking about, and researching the life andtimes of Jimmy Buffett, the lesson I take from this son of a son of a sailorturned entertainer turned businessman is balance.
“Takeit all in… it’s as big as it seems. Count all your blessings. Remember yourdreams.” - Jimmy Buffett
Itis easy to spend a significant portion of our lives working and saving andwaiting, for “that day”. The investment industry is essentially built on thisconcept - work, save, invest, plan, retire. This remains the way many thinkabout life.
Thatsaid, I continue to see a shift in the mindset among the individuals I respectmost. An emphasis on now, a balance between ambition and living, a balancebetween planning for the future and savoring the present. I am reminded thatlife is meant to be lived to the fullest, and success is not defined by hoursworked, but by the enjoyment we derive from living.
Iam blessed in countless ways and one of those blessings is being in the companyof exceptionally kind, smart, successful people - clients and colleagues. Ilove what I do.
Youinspire me more than you may know – thank you.
Brandon Hatton ofCONSCIOUS WEALTH INVESTING
President, ChiefInvestment Officer