Buffetted: Weschler to invest for Warren's shareholders

An owner of the Hook is Omaha-bound. And this isn't a baseball story.

Ted Weschler, 50, until now a quiet giant in the hedge fund world, has been hired as part of a new generation of talent to run key investments for Berkshire Hathaway Inc., the publicly-traded company best known as the brainchild of legendarily-savvy investor Warren Buffett.

Earlier this year, when discussing the first little-known member of the two- or three-member investment team that will eventually replace him, octogenarian Buffett noted that the goal was finding "a 2-year-old Secretariat, not a 10-year-old Seabiscuit."

This reporter has long known that Weschler is a Buffett fan but had no idea about the hiring– or about the $5 million worth of meetings that led to it. The series of curious events are detailed in a story in Fortune.

"It's an incredible accomplishment," says Peter Tuz, president of Chase Investment Counsel. "I would liken it to a good college quarterback all of a sudden being picked by the Superbowl team."

In Charlottesville, where Weschler will continue to live part time, according to Fortune, Weschler has created a highly successful fund called Peninsula Capital by taking large positions in a select few firms and occasionally getting involved in corporate affairs. That's a direct contrast to his investment in the Hook and in its sister publication C-ville Weekly, where Weschler confines his role to raising capital and convening quarterly meetings.

Weschler declined comment on the news, and reaction from shareholders was muted.

Weschler is a frequent, usually anonymous, donor to local charities (which do not include the Hook), and his political contributions go into both Republican and Democratic war chests. According to Fortune, which examined federal filings, Weschler has earned an incredible return for his investors–- over 1236 percent since the year 2000– who will soon have to find somewhere else to supercharge their money.

"Ted's style of holding a limited number of concentrated positions for a long time," says Tuz, "meshes well with what Warren Buffett has tried to do."

–story updated 2:26pm with quotations


It cost 2.5 million to have lunch with Buffet and this guy has done it twice?
It must be nice for the Hook to have a sugar dadddy with pockets that deep

very cool - congrats and good luck Ted!

What an AWESOME opportunity -- and he'll get great tickets for the CWS.

I don't know how he can work for a man and pay a higher tax rate than his boss... it is unamerican..... he should refuse to work for him until Obama jacks up Warrens tax rate....

Who does Warren think he is creating almost a million jobs for others in his career but only paying 40 million a year in taxes... he should be ashamed.....

This man will make money for rich people who are destroying the country by investing in businesses that don't pay enough taxes...

These busineses will probably just hire people who want to work instead of living off the public dole which means they will mostly be Republicans...

How criminal....

@golds hater- EXACTLY!

Aww, you haters are sooo cute! Get a room...

If he owned any piece of this rag he couldn't be too savy.

Financial star is born - Wall Street Journal comes to Cville.


it's pretty amazing this guy can spend $5252722 to have diner with Warren Buffet, but can't afford to hire competent people to run his paper