Word: jetted
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...used to ride around with my grandfather in a horse and buggy," remembers Katherine Buffett, 93, of her childhood on a Nebraska farm. "Sometimes he would let me drive the horse myself." These days, when Mrs. Buffett hunkers down in her Hawker 1000 jet, the pilot does not offer her the reins. But he always gets her back home to Omaha on time...
...favorite nephew told her it would be a good idea. The nephew, billionaire investor Warren Buffett, thinks many more people will pay to avoid cooling their heels at gates and cramping their backsides into uncomfortable seats in the air. Buffett spent $725 million last year to acquire Executive Jet Aviation, operator of NetJets, which created a business in fractional ownership of aircraft. With revenues projected at $900 million for 1998 and climbing an average rate of 35% annually, the company instantly became the fastest-growing division in Buffett's Berkshire Hathaway empire, which includes stakes in American Express and Coca...
Executive Jet is the brainchild of Richard Santulli, 54, a former leasing specialist from Goldman Sachs who still runs the company. What Santulli figured out is this: How many jets and how many owners do you need to ensure that each owner can be guaranteed a jet with as little as four hours' notice, anytime? Priced to make a buck, of course. Customers do not buy a particular plane so much as the right to fly on a jet of the class they have purchased. NetJets owners can purchase a fraction of a plane up to the whole thing...
Santulli's operation got lift because many companies couldn't afford--or couldn't justify--owning a jet outright. Yet as commercial service deteriorated, they also found themselves at the mercy of big airlines. Fractional ownership splits the difference: expensive, but cheaper than full board; and the convenience helps compensate for the cost. Just try flying on commercial airlines from Mobile, Ala., to Moline, Ill., nonstop. NetJet offers everything from small Cessna Citation S/IIs up to the new Boeing Business Jet, a reconfigured...
...your own kid, there is a temptation for more mature citizens to view great wealth at an early age as contrary to the laws of nature. Did God really mean for someone to have a private jet and a flat abdomen at the same time? Isn't one supposed to compensate for the absence of the other? On a related subject, how old should a trophy wife be if the fabulously successful businessman who feels the need of a trophy is only 27 years old himself...