Photo: The Daily Ticker
Since Warren Buffett announced he was going to be hiring new managers for his Berkshire Hathaway portfolio and possibly take over after him in 2007, he’s brought two hedge funders aboard: Todd Combs, formerly of Castle Point Capital, and Ted Weschler of Peninsula Capital Advisors. Combs, Weschler and another possible new hire will run the debt and equity portfolio at Berkshire.It takes a lot to impress the Oracle of Omaha, and Buffett said last year that he wanted managers that not only have a history of generating high returns, but were also of “outstanding character” and wanted to only work at Berkshire for the long-term, according to the Wall Street Journal.
Sounds like Buffett wants employees to pledge a life-long commitment to Berkshire. And what he told the WSJ recently about Combs and Weschler certainly cements that belief.
Reached by telephone this week, Mr. Buffett said, “Normally, after you marry somebody, about a month later you realise you’ve learned things you didn’t expect. But everything I’ve seen so far about both [Mr. Weschler and Mr. Combs] makes me feel even more comfortable than before.”
That marriage with Berkshire and Buffett may last a while, especially as Buffett also added that “I’m not going to be around forever, though I am going to try.”