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seshnath
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Berkshire is adding a new PM.

 

http://finance.yahoo.com/news/Berkshire-Hathaway-to-Add-bw-2421874366.html?x=0&.v=1

http://www.businesswire.com/news/home/20110912005483/en/Berkshire-Hathaway-Add-Investment-Manager

 

September 12, 2011 08:30 AM Eastern Daylight Time

Berkshire Hathaway to Add Second Investment Manager

 

OMAHA, Neb.--(BUSINESS WIRE)--(NYSE: BRK.A; BRK.B)—In 2007 Berkshire Hathaway began a search to add as many as three investment professionals to manage a portion of the equity portfolios of Berkshire’s insurance subsidiaries. The search was intensified when Lou Simpson, who had long been responsible for GEICO’s equity portfolio, elected to retire in 2010.

 

The first to join Berkshire was Todd Combs, who came to the company in 2010. Todd has proved to be an outstanding choice.

 

Today Ted Weschler, 50, of Charlottesville, Virginia, has announced to his limited partners that he will be winding up his fund in order to join Berkshire early in 2012.

 

These two investment managers will each have responsibility for a segment of Berkshire’s present equity holdings. Warren Buffett, Berkshire’s Chairman, will continue, however, to manage most of the funds until his retirement.

 

After Mr. Buffett no longer serves as CEO, Todd and Ted – possibly aided by one additional manager – will have responsibility for the entire equity and debt portfolio of Berkshire, subject to overall direction by the then-CEO and Board of Directors. With Todd and Ted on board, Berkshire is well-positioned for successor investment management at the time Mr. Buffett is no longer CEO.

 

Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

 

Contacts

 

Berkshire Hathaway

Marc D. Hamburg, 402-346-1400

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Todd has proved to be an outstanding choice.

 

I think it is an interesting point of this statement also as it is one of the few feedback we have had on Combs so far. Great news if they are satisfied to have him at Berkshire, and let's hope that Weschler will reveal himself as a good acquisition too.

 

Maybe Buffet is as good in investment manager picking than in stock picking, that would be good news for us shareholders!

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A friend just sent this to me, Not my style but some gossip on Mr. Weschler that he is definitely not the simple southern boy he is being made out to be, he lives on a 100 acre 30,000 square foot house, and plays polo etc. Not sure how reliable this but here is the link I was sent:

 

http://www.zillow.com/homedetails/1906-Garth-Rd-Charlottesville-VA-22901/79010639_zpid/

 

Personally, I don't care just funny to see the media portraying him as a carbon copy of buffet, he is definitely not.

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A friend just sent this to me, Not my style but some gossip on Mr. Weschler that he is definitely not the simple southern boy he is being made out to be, he lives on a 100 acre 30,000 square foot house, and plays polo etc. Not sure how reliable this but here is the link I was sent:

 

http://www.zillow.com/homedetails/1906-Garth-Rd-Charlottesville-VA-22901/79010639_zpid/

 

Personally, I don't care just funny to see the media portraying him as a carbon copy of buffet, he is definitely not.

Zillow says 3224 sq.ft. house and 37.75 acre lot - not 30T and 100.  Are we seeing the same thing?

Charlottesville is not Omaha - I was there about a couple of months ago on CFAI business and our local driver took some of us on a celebrity de-tour - showing us houses/driveways including those of John Grisham and some hollywood types, to name a few.

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Sesnath scroll down to the bottom of the page where you can view an "aerial" image of the property. It may even be larger than 30,000 square feet. I don't think many billionaires have houses as big as Mr. Weschler.

 

If the information is accurate - which it isn't according to the link - then between him and WEB their average home size is not out of proportion to their wealth! ;D

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Bloomberg story on Ted Weschler:

 

http://www.bloomberg.com/news/2011-09-13/buffett-s-new-hire-weschler-is-marathoner-whose-bofa-bet-beat-berkshire.html

 

I don't know anything about his house, but this part sounded like pure Buffett.

 

The hedge fund is run in a three-person office, with Weschler assisted by an analyst and an office manager, a person familiar with the business said. It is based in an office above a bookstore in downtown Charlottesville.

 

My initial/gut reaction to this hire is much more positive than the Combs hire.

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Sesnath scroll down to the bottom of the page where you can view an "aerial" image of the property. It may even be larger than 30,000 square feet. I don't think many billionaires have houses as big as Mr. Weschler.

 

Well, it is not 30k according to the Albemarle County. 

 

Here's the assessment info:-

 

Infrastructure Improvements

Copper Gutters .....2624 SQUARE FEET

Well / Septic .....1 TOTAL VALUE

Wet Bar .....1 EACH

No Service - Jurisdictional Area Designation

Primary Building Additions

Garage, Attached Brick.....608 sq ft

Porch, Bluestone Floor.....1267 sq ft

Outbuilding Improvements

Shed, Equipment.....160 sq ft

Living Area Over Outbuilding.....1,000 sq ft

Porch,Outbuilding.....300 sq ft

Garage-Detached Brick.....1,000 sq ft

Primary Building Details

Comm. Section N/A

Card Level Use Code Single Family

Year Built 1890

Year Remodeled 2007

Condition Good

Grade A+14

Number of Stories 1

Story Height (ft) N/A

House Type 1 Story

Finished Sq. Ft. 3,224

Basement Type Furnace Room

Basement Garage Doors 0

Bsmt Fin. Sq. Ft. 0

Bsmt Tot. Sq. Ft. 0

Attic Type N/A

Attic Tot. Sq. Ft. 0

Roof Material Slate

Heating Heat Pump

Cooling Central Air

Fireplace(s) 3

Fireplace Type Brick

Wall Framing Wood Joists

Exterior Covering Solid Brick

Bedrooms 1

Dining Rooms 1

Family Rooms 1

Full Baths 2

Half Baths 0

Total Room Count 8

(Every unit assumed to have kitchen and living room. Bathrooms are not included in total room count.)

 

If you are interested, there is also a sketch as of Aug 2011. 

http://gisweb.albemarle.org/GISWeb/ShowImage.ashx?t=s&f=S0000059\S0029128

 

And also, there is a photo of the finished building in the same site.

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