The Sage of Omaha has spoken, and named Ted Weschler,W’83, as the second appointee to the trifecta of investment gurus who will take over Berkshire Hathaway after Warren Buffett’s retirement.
Weschler’s appointment makes sense if you view his investment history. His own fund, Peninsula Capital Advisors, has returned 1236% since its inception in 2000. Yet the way in which Weschler and Buffett got to know each other adds a mysterious twist. Supposedly, Weschler spent more than $5.25 million for two lunches with Buffett (the money went to charity).
It was at the second of these lunches—more like dinners at Buffett’s favorite restaurant in Omaha—that Buffett asked Weschler if he would consider coming on board at Berkshire, the insurance holding company, conglomerate, slash multibillion-dollar investment vehicle.
Weschler’s decision has made headlines in Omaha, his hometown of Charlottesville, Va., and beyond, reverberating in the global financial media like a bit of good news heard above the din of doom and gloom.
Now that the smoke has cleared after the big news, here are some of the more informative stories about Weschler and his new job include:
“New Buffett Manager Gets Higher Taxes and Less Pay, by Choice”: This headline of this article, by Andrew Ross Sorkin in his DealBook column at the New York Times site, says it all.
“Meet Ted Weschler: Buffett Auction Winner, Berkshire’s New Hire”: The author of this piece is an admitted long-time friend of Buffett and editor of his much-anticipated annual chairman’s letter, as well as an editor at Fortune magazine, where this article appears. She delves into the details of Weschler’s lunches with Buffett and Weschler’s background, and has some candid quotes from Buffett about the Wharton alum.
“Warren Buffett’s New Hire Is a Hometown Favorite”: The Wall Street Journal’s Deal Journal blog wrote up a nice piece about Weschler’s oversized role in Charlottesville, where he’s known as one of the nicest—and smartest—guys in the college town. He also is part-owner of a local newspaper, as well as political donor and philanthropist.
“Here’s How Buffett’s New Guy Is Invested”: Motley Fool broke down the main publicly traded investments at Peninsula and how they’ve been doing.