The Berkshire chief may have lost something on his fastball, but he’s still got a pretty good eye for hot-shot talent.
Two investment managers, hired by the 83-year-old billionaire in recent years as part of his succession plan, each posted returns last year that outdid both Mr. Buffett’s performance as Berkshire’s top stock picker and the Standard & Poor’s 500-stock index, according to people familiar with the matter….
The younger managers’ strong performance is further proof that Mr. Buffett “hit the jackpot” with their hires, as he said in his last letter. The 83-year-old billionaire investor hired Todd Combs and Ted Weschler to eventually manage all of Berkshire’s investments once he is no longer at the helm, although he has no plans to step down.
Meanwhile, Mr. Buffett fell short of his own performance target for the conglomerate for the first time since the Omaha, Neb., native took control of Berkshire in 1965.