Charlottesville Breaking News
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 affai...