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Buffett defends BizAv

captain dad

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Warren Buffett Defends Bizav in CNBC Interview
[FONT=Verdana, Arial, Helvetica, sans-serif]When Berkshire Hathaway CEO Warren Buffett bought a Bombardier Challenger 600 twenty years ago, he named the large-cabin business jet The Indefensible because of his past criticisms of such purchases by other CEOs. However, after the investment guru used the jet, he realized its value as a business tool and later renamed it The Indispensable. Even in light of the current economy, Buffett believes that aircraft are still a valuable business tool, according to his remarks during an interview that aired on CNBC yesterday morning. Responding to a question about how he feels about President Obama “openly criticizing the use of corporate jets by CEOs,” Buffett said, “Berkshire has been better off by me having a plane available to go and do deals or whatever it may be. A lot of times it doesn’t work out. But net, it’s a plus. We have done things I wouldn’t have done if we hadn’t had a plane. And I think it’s…a big mistake to start demonizing anybody in this game. I just think it causes the American people to look backwards. And we don’t want villains, we want victory.”[/FONT]
 

mxpilot2

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It was a good interview, and from someone credible. I wish all the stations would pick it up and air it, at 6 & 11, for Joe Public to see.
 

CALRepublic

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I think Obama is a good guy, he's sharp and wants what's best for the country, but he needs to stop bashing biz av...... I mean he talks s**t about CEOs riding around on pvt jets and takes a 747 to Chicago for a weekend get-away?? WTF Over........
 

ozpilot

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I mean he talks s**t about CEOs riding around on pvt jets and takes a 747 to Chicago for a weekend get-away?? WTF Over........

Agreed .. Leadership should be by example .. take a frac just like all the ex-presidents do ...
 

gutshotdraw

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I think Obama is a good guy, he's sharp and wants what's best for the country

Actually, no, he isn't and no, he doesn't. He's an idealogue like most politicians and just wants to advance his agenda regardless of the consequences. I am saddened that Uncle Warren supported Obummer but heartened by the fact that in yesterday's interview, Warren disagreed with at least 4 major policy iniatives of the new administration.
 

jonjuan

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Captain dad, you do a good job of posting ainonline articles, but somehow missed this one. What happened?

Berkshire Hathaway: FlightSafety Up, NetJets Down
By Chad Trautvetter
March 3, 2009
Fractional


Revenues at Berkshire Hathaway’s services group–which includes fractional provider NetJets and flight-training provider FlightSafety International–were $8.435 billion last year, an increase of $643 million over 2007. Overall, pre-tax earnings at the Berkshire division last year were relatively unchanged from 2007 at $971 million, according to the company’s financial report issued late last week.

Unlike in 2007, the two aviation services didn’t play a significant part in the revenue increase last year. In fact, more than 80 percent of this jump in the services group revenues stemmed from electronics components distributor TTI, though FlightSafety did contribute to the uptick.

However, increased earnings at FlightSafety and TTI were offset by lower earnings from NetJets, according to Berkshire Hathaway. In the fourth quarter last year, NetJets “experienced a significant reduction in revenue as general economic conditions worsened,” it said.

“This resulted in lower customer usage and demand, which negatively affected operating margins. In addition, NetJets incurred charges of $54 million to write down the aircraft fleet.

According to Berkshire’s data, NetJets employs 7,945 people, while FlightSafety has a roster of 4,482.
 

captain dad

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Sorry, I did miss that one. Looking at the date I was still in Europe on Vacation. Nice to see FSI is up. No surprise that NJA is down. But we are steady. I was busy last tour, flying multiple revenue trips each day.
 

RNObased

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Captain dad, you do a good job of posting ainonline articles, but somehow missed this one. What happened?

Berkshire Hathaway: FlightSafety Up, NetJets Down
By Chad Trautvetter
March 3, 2009
Fractional


Revenues at Berkshire Hathaway’s services group–which includes fractional provider NetJets and flight-training provider FlightSafety International–were $8.435 billion last year, an increase of $643 million over 2007. Overall, pre-tax earnings at the Berkshire division last year were relatively unchanged from 2007 at $971 million, according to the company’s financial report issued late last week.

Unlike in 2007, the two aviation services didn’t play a significant part in the revenue increase last year. In fact, more than 80 percent of this jump in the services group revenues stemmed from electronics components distributor TTI, though FlightSafety did contribute to the uptick.

However, increased earnings at FlightSafety and TTI were offset by lower earnings from NetJets, according to Berkshire Hathaway. In the fourth quarter last year, NetJets “experienced a significant reduction in revenue as general economic conditions worsened,” it said.

“This resulted in lower customer usage and demand, which negatively affected operating margins. In addition, NetJets incurred charges of $54 million to write down the aircraft fleet.

According to Berkshire’s data, NetJets employs 7,945 people, while FlightSafety has a roster of 4,482.

Ok, Jon Juan,
What else to do you have. I know that you would love for NJA to fail. Ain't going to happen.

Are you going to just post some BS and move on or do you have a point??
 

o2bflyn

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I think Obama is a good guy, he's sharp and wants what's best for the country, but he needs to stop bashing biz av...... I mean he talks s**t about CEOs riding around on pvt jets and takes a 747 to Chicago for a weekend get-away?? WTF Over........

Actually, he took 2 747, a C5, and probably a helo. That is the usual entourage for a president's trip. If that does not piss of the Biz Av community let's talk about Pelosi.

Democrat or Republican they are all politicians. They all live by the saying : "do as I say, not as I do." The only reason Obama is bring any of this BS up is because some idiot media personal happen to be hanging out at the airport that fateful day some many months ago.
 

Some guy

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Sorry, I did miss that one. Looking at the date I was still in Europe on Vacation. Nice to see FSI is up. No surprise that NJA is down. But we are steady. I was busy last tour, flying multiple revenue trips each day.

Glad to hear you were busy. The initial shock of the economic collapse last has worn off. In the beginning, many owners decided to scale back. I assume that is because they didn't how bad the economy was going to get. I think we will level off soon, and judging by the flight activity, I think our owner feel the same way. They're slowly trickling back. Our numbers - while still down - are also increasing.
SG
 

FastJP4

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Ok, Jon Juan,
What else to do you have. I know that you would love for NJA to fail. Ain't going to happen.

Are you going to just post some BS and move on or do you have a point??


A little defensive RNO? I fail to see where he insinuated his desire for NetJets to fail. In fact, I think all of us in the Frac industry realize NetJets is the big boy on the block - and nobody wants to see any of the Frac's fail. If NetJets were even close to failing - that would mean the rest of us Frac's would have already failed.
 

AvroGuy

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You know, I wish Obama would take the GIII or IV, whichever it is the AF has, but that isn't going to happen. He has to have the traveling white house. With all the comm equipment and what not. The G's just don't have the capabilities...

That is what I am thinking atleast
 

squonk

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Actually, he took 2 747, a C5, and probably a helo. That is the usual entourage for a president's trip. If that does not piss of the Biz Av community let's talk about Pelosi.

Democrat or Republican they are all politicians. They all live by the saying : "do as I say, not as I do." The only reason Obama is bring any of this BS up is because some idiot media personal happen to be hanging out at the airport that fateful day some many months ago.

The C5 may have been replaced by a C17. During his trip to CMH last week it was the 17 on the ramp and only one that I saw.

Maybe the other 47 and 17 were over at Rickenbacker?
 

propsarebest

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You know, I wish Obama would take the GIII or IV, whichever it is the AF has, but that isn't going to happen. He has to have the traveling white house. With all the comm equipment and what not. The G's just don't have the capabilities...

That is what I am thinking atleast

Actually, the C-20H has all that he needs. It even has a dedicated "radio operator" console (with a Smsgt to run it) on board.
 
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