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​Buffet successors outpace the investment guru in 2013

Published time: January 20, 2014 18:04
Edited time: January 21, 2014 09:22
Warren Buffett, Chairman and CEO of Berkshire Hathaway and Co-Chairman of Goldman Sachs 10,000 Small Businesses Program (AFP Photo / Bill Pugliano)

Warren Buffett, Chairman and CEO of Berkshire Hathaway and Co-Chairman of Goldman Sachs 10,000 Small Businesses Program (AFP Photo / Bill Pugliano)

Todd Combs and Ted Weschler, the investors Warren Buffet has hired as potential successors at Berkshire Hathaway, made bigger returns than the billionaire investor himself, as well as outperformed the S&P index in 2013.

Last year was the second year in a row Combs and Weschler bettered their mentor and the S&P 500 which added 32 percent, an anonymous source told the WSJ.

Work of the two men in Berkshire isn't limited to investment, "they help a lot .... with the issues not directly connected with investment management," according to Buffet. "They'll become a priceless asset in the coming decade," he added.

Since the beginning of this year the investment limit for Combs and Weschler will be increased to $7 billion, while 2 years ago they could bid with "just" $3 billion.

Combs and Weschler have positions with satellite television operator DirecTV, and also payment systems Visa and MasterCard.

In the US Berkshire Hathaway owns assets of more than $100 billion in 43 companies. The majority of smaller bids were opened by Weschler and Combs, while the big ones were made by the investment legend himself.

83-year-old Buffett, the Chairman, President & Chief Executive of Berkshire Hathaway, was the biggest earner of 2013 with and income of $37 million a day. He employed Todd Combs and Ted Weschler intending to make them in charge of the company when he no longer could.

Todd Combs and Ted Weschler were barely known when Buffett invited them into Berkshire Hathaway. 42-year-old Combs has worked there since 2011 and for three years in a row beat the S&P 500. Now he controls an investment portfolio with $7 billion in assets.

The other manager is Ted Weschler, was a 52-year-old head of a $2 billion investment fund in Charlottesville, Virginia. He bid $5 million in a charity auction to have dinner with Warren Buffett, and has worked at Berkshire Hathaway since 2012.

Comments (1)


Ian Gordon 20.01.2014 23:54

The economic system that gravitates towards inequality - money makes money - is a serious problem. The individuals caught up in the system mostly carry out roles dictated by predictable human behaviour: the poor blame the rich; the rich justify themselves through rationalizations such as considering themselves very clever or hard-working, or even blessed by a deity. Nothing wrong with earning a lot of money if you use that money to be a full expression of who you are, without inflicting harm on others. However, hoarding money for the sake of ego, while that money could be usefully employed, is inefficient and mean.

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