Over lunch

13 September 2011 By Agnes T. Crane

He coughed up more than $5 mln just to have lunch with the Berkshire boss twice. That could be as important as his impressive track record as an investor. The Sokol affair proves that good instincts for making money aren’t the only thing Berkshire needs to succeed.

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Berkshire Hathaway announced on Sept. 12 that it hired Ted Weschler to manage the equity portfolios of the company’s insurance subsidiaries. Weschler joins Todd Combs, who joined the company in 2010, as one of the three investment managers who will run Berkshire’s entire debt and equity portfolio when Warren Buffett is no longer CEO.

Weschler, a hedge fund manager at Peninsula Capital Advisors, paid more than $5 million dollars to have lunch with Buffett in 2010 and 2011 when he won an annual charity auction, according to long-time friend and Buffett ghostwriter, Carol J. Loomis.

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