Buffett/Berkshire - general news

[mengan]

On 11/18/2025 at 6:34 PM, Spooky said:

 

This is great. More money managers should put their money where their mouth is. If you can't beat the S&P500 then why should you get huge fees.

There is a fix fee component as well. Nothing prevents the managers from coasting on that fee.

[alpha]

 

BNSF received green light for more automation:

 

https://apnews.com/article/automated-railroad-track-inspections-waiver-derailments-fra-d3c4b0f313585303e305e84fb4c03aef

Edited December 6, 2025 by alpha

[John Hjorth]

Financial Times [December 8^th 2025] : Berkshire Hathaway stock picker Todd Combs to leave for JPMorgan. [Not available on  Achive Today, yet, by now]

 

- - - o 0 o - - -

 

Wow! That was a surprise, at least for me, personally.

Edited December 8, 2025 by John Hjorth

[WFF]

7 minutes ago, John Hjorth said:

Financial Times [December 8^th 2025] : Berkshire Hathaway stock picker Todd Combs to leave for JPMorgan. [Not available on  Achive Today, yet, by now]

 

- - - o 0 o - - -

 

Wow! That was a surprise, at least for me, personally.

https://berkshirehathaway.com/news/dec0825.pdf
 

Marc, is also retiring.  Seems like the changing of the guard all around.  Guess we may soon see which are Todd’s position by following which positions gets wind down.   I was hoping with GEICO, Todd may potentially replace Ajit. 
 

Wonder if we will hear about Weschler soon. Hopefully he will stay and help Abel.

[thowed]

Wow - whole can of worms here.  Not quite the length of tenure we've come to expect at Berkshire!

 

Succession is hard.

[gfp]

What an interesting development!  Greg is putting his organizational stamp on the firm.  A general counsel, a deputy for consumer and service businesses.  Marc Hamburg has been amazing but he was getting very old and retirement was imminent regardless of leadership changes at the very top.  40 years of service!  I hope they give him more than a watch.

 

We should be able to tell for sure which positions were Todd's since they will likely be liquidated

 

Just noticed Marc is staying on until June 2027 - so they will overlap by a full year with two CFOs.

 

Also, Todd's new role at JPM is outlined in this article -

https://www.investmentnews.com/equities/todd-combs-exits-berkshire-for-jpmorgan-role-steering-10b-security-push/263440

 

edit: here is JPM's official press release

https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmorganchase-names-todd-combs-to-head-strategic-investment-group

Edited December 8, 2025 by gfp

[CassiusKing1]

Berkshire is hitting the gym and getting in shape!

[Pellom]

I imagine it would be very hard to work for the GOAT for a long time and then lose his leadership/direction. A natural time to retire or look for other opportunities. 

 

Nothing against Abel, of course, but many of us here would saw off our left arm to work in the office with Buffett every day. 

[John Hjorth]

LOLz! - I simply need to log out for now today, grenade shock, likely later followed by severe PTSD, today the World is such a violent and cruel place, I desperately need a break from it, I can't take any more for today, by now!

[DooDiligence]

1 hour ago, John Hjorth said:

LOLz! - I simply need to log out for now today, grenade shock, likely later followed by severe PTSD, today the World is such a violent and cruel place, I desperately need a break from it, I can't take any more for today, by now!

 

Nothing is sacred 

[Gregmal]

It’s nearly impossible to have respect for people like this; at that age, and point in your career, you’re still job hopping for….more money??? Yuck 

[Gamecock-YT]

Looks like the JPM investment in America wasn’t lip service after all. Since the GFC, all the banks had been pulling back from making direct equity investments since the capital charges were so punitive. I wonder if we’ll start to see them starting back up again

Edited December 8, 2025 by Gamecock-YT

[rogermunibond]

Seems likely that in the next year Greg Abel will appoint another investment manager to work alongside Ted Weschler.  Who would you like to see?  Is it going to be someone young and relatively unknown or could Greg get Li Lu or another big name HF manager to come work for Berkshire.

[73 Reds]

13 minutes ago, Gregmal said:

It’s nearly impossible to have respect for people like this; at that age, and point in your career, you’re still job hopping for….more money??? Yuck 

Hard to know his true motivation(s) for the move.  I'm not going to speculate but at Berkshire he was very much an after-thought.  

[whatstheofficerproblem]

Todd leaving, good riddance. Loyalty doesn't pay anymore seems to be the consensus, but I respectfully disagree. Funny to see him chase greener pastures at this juncture of his life. What was Todd's performance while at BRK? Don't think it was noteworthy.

[73 Reds]

3 minutes ago, whatstheofficerproblem said:

Todd leaving, good riddance. Loyalty doesn't pay anymore seems to be the consensus, but I respectfully disagree. Funny to see him chase greener pastures at this juncture of his life. What was Todd's performance while at BRK? Don't think it was noteworthy.

I dunno, if someone were managing a relatively insignificant percentage of your investments with no chance to invest more of your capital, even if he shoots the lights out would your reaction be anything more than "OK, that's nice"?  

[Hsmpanl]

4 minutes ago, whatstheofficerproblem said:

Todd leaving, good riddance. Loyalty doesn't pay anymore seems to be the consensus, but I respectfully disagree. Funny to see him chase greener pastures at this juncture of his life. What was Todd's performance while at BRK? Don't think it was noteworthy.

Couldn't agree more, much prefer Ted and I doubt Todd deserves much (any?) credit for the turnaround at Geico. Glad Ajit is sticking around for now, and like the bench that Berkshire has built at the insurance cos.

[ander]

Just now, Hsmpanl said:

Couldn't agree more, much prefer Ted and I doubt Todd deserves much (any?) credit for the turnaround at Geico. Glad Ajit is sticking around for now, and like the bench that Berkshire has built at the insurance cos.

Agree as well. My intrinsic value for BRKB just went up.

[73 Reds]

2 minutes ago, ander said:

Agree as well. My intrinsic value for BRKB just went up.

Why all the hate on Todd here?  Personally, I'm ambivalent to the move and we don't even know what his actual investment record has been at Berkshire.  Plus we don't know who, if anyone will replace him.  The fact that Jamie Dimon loves him says something, no?

[longlake95]

whew, tough crowd.

[whatstheofficerproblem]

4 minutes ago, 73 Reds said:

I dunno, if someone were managing a relatively insignificant percentage of your investments with no chance to invest more of your capital, even if he shoots the lights out would your reaction be anything more than "OK, that's nice"?  

 

My takeaway was that there was more churn in his names rather than him picking up baggers. Is that not the case?

[73 Reds]

Just now, whatstheofficerproblem said:

 

My takeaway was that there was more churn in his names rather than him picking up baggers. Is that not the case?

Really don't know.  Also don't know to what extent, if any he was limited in his investment decision-making.  Most of us even here evolve with our investment criteria.  It could not have been easy working for Buffett who did evolve but very slowly.

[longlake95]

I'd say this was probably inevitable. With as CEO, aged 62, he's going to be around for a while. Todd sees a limited road ahead. Maybe this helps Ted stay now - not sure.

[Gregmal]

2 minutes ago, longlake95 said:

I'd say this was probably inevitable. With as CEO, aged 62, he's going to be around for a while. Todd sees a limited road ahead. Maybe this helps Ted stay now - not sure.

That’s the point though…Still scheming and playing the “climb the corporate/career ladder” game at that point in his life? Ew….

[sleepydragon]

42 minutes ago, Gregmal said:

It’s nearly impossible to have respect for people like this; at that age, and point in your career, you’re still job hopping for….more money??? Yuck 

Maybe the potential of being ceo cuz he was also on the board of jpm