In a conversation with Becky Quick of CNBC, Warren Buffett discusses the performances and potential of See's Candies and NetJets. He believes that See's Candies has a limited magic due to the specific feelings people have towards the brand, whereas NetJets has no competitor and has been a remarkable company due to Adam Johnson's performance. Buffett also explains how he and Charlie Munger were hesitant to buy a NetJets membership and jokes about being "corrupted" by the experience. However, he reaffirms that he has never seen a case of anyone going broke due to spending on NetJets.
Sure, here are the key facts extracted from the provided text:
1. See's Candies has been in business for 101 years and is known for its limited-edition candy products.
2. See's Candies has a unique appeal, with some products selling at significantly higher rates in specific regions.
3. Warren Buffett and Charlie Munger experimented with various business models for See's Candies in California.
4. They emphasized the importance of understanding consumer behavior and adapting their strategies accordingly.
5. Warren Buffett mentioned that they have been successful with See's Candies but acknowledged changes in the candy industry.
6. NetJets, a company they acquired, is a unique service for affluent individuals, allowing them to use private planes.
7. NetJets has a significant number of prepaid customers who have spent over $1 billion on prepaid flight hours.
8. Warren Buffett discussed his philanthropic intentions with the wealth generated from his businesses.
9. NetJets is characterized as having a unique business model with no direct competitors.
10. The company's founder, Adam Johnson, is credited with its success.
11. Warren Buffett and Charlie Munger discussed how they convinced Munger to buy a NetJets membership.
12. They emphasized the financial benefits of using NetJets for personal travel.
13. Warren Buffett mentioned that NetJets doesn't put its users in a financial disadvantage.
These facts summarize the key points from the provided text without including any opinions.