Nicholas Stein, 07 February 2000
How many Internet CEOs spend their adolescence learning allegorical life lessons from Warren Buffett? And how many then go on to follow his advice? Patrick Byrne, CEO of Overstock.com, a Salt Lake City company that sells excess inventory of items such as clothing and consumer electronics at deep discounts, has done both.
When Byrne was 13, Buffett told him to think of himself at home plate, waiting for a pitch. “There was no one calling balls and strikes, and I could take as many pitches as I wanted,” recalls Byrne, who got to know Buffett because his father was a colleague and friend of the legendary investor’s. Buffett’s advice was simple: “Every year or two, the perfect pitch comes along, and you swing from the heels.” But few people have the courage to do that, Buffett explained. “Most people just try to bunt.”
No one can accuse Patrick Byrne of a life filled with safe bunts. At age 37, he has already enjoyed business success, amassing a $100 million portfolio as CEO of High Plains, a personal investment fund through which he bought Overstock.com. And Overstock.com, which he took over last fall, is ranked as one of the fastest-growing e-tailers by Media Metrix.
