There are very few details known about Todd Combs, Warren Buffett’s newest portfolio manager and the man who’s expected to succeed Buffett when he retires.
We know he’s liquidating his $400 million fund, Castle Point, as he prepares to join Buffett in January. He’s got a family he lives in Darien, Connecticut with. He loves coffee, hates having his photo taken.
And now, thanks to Fortune’s details about Combs’ recent trip out to Omaha, we know this too:
- Buffett told the board that he and Combs had discussed Combs’ initially running perhaps $2 billion to $3 billion
- Combs will be paid by salary and an incentive compensation plan that gives him a proportion of the amount by which his performance beats the S&P 500 over a three-year period
- Combs will in no way be restricted as to what he can invest in. “He can range wherever he wants to,” said Buffett
Two to three billion is a lot less than initially expected when Buffett said that Combs would invest a “significant” portion of Berkshire’s $113 billion portfolio.
But it’s cool that he has no restrictions as to what to invest in.