Buffett buys a discretionary, almost a luxury item, store, and jacks up the prices well above the rate of inflation. The owner of LVMH does the same.
This is not the same as a company that is advancing technology or building the same item, but for less money.
I value the guy who runs the sriracha sauce company higher than Buffett: https://theweek.com/articles/753620/sriracha-hot-sauce-guy-a...
"Warren and I raised the prices of See’s Candies a little faster than others might have. There are actually people out there who don’t price everything as high as the market will easily stand. And once you figure that out, it’s like finding money in the street.”
Whether that's a reason to admire Buffet, or dislike him, I'll leave to the reader. The impression I have of Buffet is that's not a romantic; he's out to make money in a sustainable, long-term way, and is unapologetic about it.
Value him in what sense? The sriracha guy made a terrible commercial mistake. The capitalist in me doesn't value a person who does that and I would hesitate investing in a venture he did over, say, Warren Buffet (hypothetically speaking of course).
People "like" Warren Buffett because he's the ultimate capitalist. Also...
If you value the sriracha guy over Buffett in a "altruistic this is better for the consumer" type of way, then sure you could make that case (as the article does), but also remember that Buffett is giving away all (most) of his profits to charity. The utilitarian could argue that Buffett's value is far greater. He's gobbled up all of the profits from various industries (for example luxury goods which provide little benefit to "the little guy") and is reapportioning those profits to charities that may actually save lives (not just dress up your rice). I don't know, I'm not arguing for Buffett personally, but there's more than whats on the surface.
If the sriracha guy is letting people keep their own money, that is decidedly utilitarian also...
"He does not bother going after restaurants and other businesses that use his sauce in their dishes and products, even though he could make millions from them in licensing fees. His company's advertising budget is nothing. He hasn't even bothered to trademark the name "sriracha."