How Many Times Will Todd Combs, Ted Weschler Have To Humiliate Warren Buffett To Prove They Can Run Berkshire?By Jon Shazar
He’ll initially only be managing the money in The Oracle’s back pocket. Read more »
You can stop giving yourselves a hernia. Read more »
For at least one time in his life and possibly still, Combs subscribed to the business up front/party in the back mentality. Read more »
Since Berkshire Hathaway announced late Monday it was tapping Todd Combs as a successor to Warren Buffett, the most common response has been, “Why him?” By all accounts, Combs, a father of three, is said to be affable, hard-working guy who wears khakis and button-downs at the the office where he’s made money for his clients every year but 2008, and has returned a 34 percent since launching in November 2005. One investor said “it’s tough to find someone as passionate and thoughtful,” his former business school professor at Columbia says that out of “a very intense group of MBAs,” Combs “probably had the greatest desire to win” and his wife April’s maid of honor told the Journal that he’s gotten to where he is today without knowing anyone in the industry when he first started and that he’s “smart and can adapt.”
Still, though, many wonder why Berkshire didn’t go with someone who has experience managing a larger fund (Castle Point’s assets are less than half a billion) or who produced more spectacular returns. Buffett has said that beyond Combs’ “ability and intelligence,” he and Vice-Chairman Chairman Charlie Munger wanted him because they were “convinced he would fit in to Berkshire’s no-fuss culture,” an explanation that has not entirely satisfied people, some Berkshire shareholders included.
A tip from an insider and a bit of digging on our parts has revealed the REAL reason WB went with T: Read more »
As you may have heard, Warren Buffett has tapped a Berkshire Hathaway successor in the 39 year-old Todd Combs, the manager of Greenwich-based Castle Point Capital Management. Previously, the Oracle had this to say with regard to hedge fund managers:
[In 2006 Buffett opined] that hedge funds, which he described as “hyper-helpers,” overcharge investors. “Particularly expensive is the recent pandemic of profit arrangements under which Helpers receive large portions of the winnings when they are smart or lucky,” he said in an annual letter.
To be clear, however, he just meant to say that some, and not all hedge fund managers, are blood-sucking leeches. Read more »