Warren Buffett Hires Portfolio Manager

Warren Buffett has hired a second portfolio manager, Ted Weschler, who is a hedge fund manager with an outstanding track record over the past decade.  He will join Todd Combs at Berkshire Hathaway to manage part of its $60 billion portfolio.

I am quoted in a Los Angeles Times article on Ted Weschler:

Combs and Weschler appear to have different strengths, with Combs having focused more on financial stocks while Weschler appears to have favored communications-related picks. Bringing them together may work well, according to some experts.

“It seems they might complement one another,” said David Kass, a professor of finance at the University of Maryland who has studied Buffett and his work. “Weschler will bring diversification and expertise outside of the financial sector to Berkshire Hathaway.”

The entire article is available at:

http://www.latimes.com/business/la-fi-buffett-20110912,0,3007540.story