From Stock to Studio
The money came from the sale of his grandfather’s farm, which Warren Buffett had invested in Berkshire shares. Peter was told this would be the only financial support he’d receive for personal use. While his siblings spent their share quickly, Peter took a different path. He sold the stock and used the cash to drop out of Stanford University, move to San Francisco, and begin building a career in music.
“I used my nest egg to buy something infinitely more valuable than money: I used it to buy time,”— Peter Buffett, Life Is What You Make It (2010)
He rented a modest studio apartment, budgeted carefully, and spent his money mostly on upgrading his recording equipment—his only extravagance. With no formal plan but clear passion, he spent hundreds of unpaid hours experimenting with sound and learning the craft of music production.
Breakthrough via a Neighbor and MTV
His big break came by chance. While washing his car one day, a neighbor struck up a conversation. After learning Peter was a struggling composer, the neighbor introduced him to his son-in-law—an animator in need of music for a new cable channel. That channel turned out to be MTV.The opportunity led to a successful composing career, including contributions to the Oscar-winning score for Dances with Wolves and a catalog of nearly 15 studio albums. Peter later won an Emmy Award and established himself in the new-age and ambient music scenes.“Without those hundreds of unpaid hours spent fiddling with my recording gear, I would not have found my sound or approach,” he wrote. “Doing so required patience and time.”
A Buffett Lesson Beyond Money
Though the $90,000 in Berkshire Hathaway shares would be worth over $500 million today, Peter says he has no regrets. His decision aligns with values instilled by his father, who has long advised young people to pursue work they would do even if money weren’t a factor.
“My father taught me that the point of work wasn’t to make as much money as possible—that’s ‘wealth ethics.’ Rather, one must do something they love,” Peter explained.
While Warren Buffett’s passion—investing—produces enormous wealth, Peter emphasized that his father never encouraged chasing riches for their own sake.
“I honestly feel that my father’s refusal to let me take the easy way out was an act of love—as if to say, ‘I believe in you, and you don’t need my help.’”
Privilege, Perspective, and Purpose
Peter Buffett has acknowledged the privilege of receiving such a gift, calling it a “gift I had not earned.” But he also warns that many people squander similar head starts by rushing into paths that lack meaning.
“There are many people who are privileged… but they fail to understand the value of time and instead try to rush into their destiny,” he wrote. “As a result, they end up working jobs that may or may not be right for them, that may or may not be fulfilling.”
For Peter, the investment in time—not stocks—paid off in purpose. And he believes his father would agree.
Also read | Warren Buffett doubling down on Japan while markets flinch. 7 reasons why(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
