Warren Buffett's Private Jet Business flying high...

Warren Buffett’s private jet business appears to be flying high. The European company NetJets has announced plans to expand by purchasing 39 new aircrafts, a 29% increase to the fleet. The cost of the planes is estimated to be $715 million.

NetJets saw a 17% increase in passengers in 2007, and had to hire 350 new pilots to help accommodate the growth. NetJets rents planes out in 25-hour periods, which is ideal for companies that cannot justify purchasing a jet of their own. The majority of NetJets passengers, approximately 80%, consist of CEOs rushing to meetings.