Tuesday, March 5, 2013

Buffett Deputies Leaving Billionaire in the Dust Get Funds

Berkshire Hathaway is again giving stock pickers Todd Combs and Ted Weschler more money to invest after they beat the Standard & Poor’s 500 Index and left Warren Buffett “in the dust,” the billionaire chairman told Bloomberg.

The deputies, who made profitable bets on Visa Inc. (V) and DaVita HealthCare Partners Inc., each oversee almost $5 billion, Buffett, 82, wrote in an annual letter to investors March 1. That’s up from the $4 billion he outlined in July and reflects his confidence that Berkshire found managers capable of running more than $80 billion of stocks once he and Vice Chairman Charles Munger, 89, are no longer leading the company.

 “We hit the jackpot with these two,” wrote Buffett, who is also chief executive officer. “Todd and Ted are young and will be around to manage Berkshire’s massive portfolio long after Charlie and I have left the scene…..”

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