Thanks for downloading this Freakonomics Radio podcast. This summer, we're putting out five

hour long shows that will air on public radio stations across the country. One of them

is about family business, particularly the very common practice of handing down a family

business to the next generation. We have some questions about that practice, such as,

is it a good idea? What do the numbers have to say? And is America a leader in the family

handoff business or a laggard? Today's podcast gives you a taste of one of the many stories

from that program. If I told you we'd be hearing today from a guy named Peter Buffett,

and he's a musician, and his father is famous, who would you think his father is?

Of course, Jimmy Buffett. But that's not Peter's dad. Peter's dad is named Warren, as

in Warren Buffett, Chairman and CEO of the investment group Berkshire Hathaway, and the third

richest man in the world. But Peter didn't follow his dad into the family business,

which is exactly why we're talking to him.

Peter Buffett composer, author, philanthropist. And I do those in that order, actually.

Well, maybe switched around a little, but depending on day of the week. Yeah, yeah, I think

so.

Okay, very good.

And WNYC and APM, American Public Media, this is Freakinomics Radio. The podcast that

explores the hidden side of everything. Here's your host, Stephen Dubner.

Peter Buffett has written a book called Life is What You Make It. Find your own path to

fulfillment. It's sort of an investment guide, but not the kind of investing that Warren

Buffett does. It's about investing in yourself, about acquiring the kind of human capital

that makes you happy. Now Warren Buffett, as you probably know, is famously down to

...