Rich Santulli

📝 Overview

Rich Santulli is the founder of Executive Jet Aviation (NetJets) and the pioneer who created the Fractional Ownership business model for aviation.

🎓 Background

• Mathematics: Before entering the aviation business, Santulli was a mathematician at Goldman Sachs, specializing in leasing and quantitative analysis.
• Visionary: He recognized that many businesses and individuals needed the utility of a private jet but were deterred by the high costs and logistical complexity of full ownership. He solved this by mathematically partitioning airplane ownership.

🤝 Relationship with Berkshire

• Buffett admits he was a "tough sell" on private aviation until he tried NetJets in 1995.
• Upon acquiring the company in 1998, Buffett wrote: "Rich is the person you want to be in business with. He is high-integrity, high-energy, and has a strategic mind that is second to none."

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• References: 1998 Letter
• Index: index