Investment Managers

Todd Combs and Ted Weschler are Berkshire Hathaway's two investment managers, hired to manage portions of the equity portfolio. Each manages approximately $10-20 billion, acting with full autonomy similar to Buffett's own approach.

The Two Managers

Todd Combs

Attribute	Details
Hired	2011
Mandate	~$10-15B initially
Background	Former hedge fund manager
Investment Style	Concentrated, high-conviction

Ted Weschler

Attribute	Details
Hired	2012
Mandate	~$10-15B initially
Background	Former hedge fund manager
Investment Style	Concentrated, long-term

Why Hire Investment Managers?

Capacity Problem

At Berkshire's scale:

• Single-stock positions become too large
• Need multiple managers to deploy capital
• Can't buy small-caps meaningfully

"With our size, we need to have multiple people making decisions."

How They Operate

Buffett's Oversight

Buffett reviews their portfolios quarterly but doesn't micromanage:

• Full autonomy on stock selection
• Report directly to Buffett
• No investment committees or restrictions

Performance Measurement

Each manager is measured against S&P 500:

• Need to beat by meaningful margin
• But style must fit Berkshire's long-term philosophy

Notable Investments

Their Impact

By 2018:

• Combined portfolios worth $30-40B
• Both have beaten the S&P 500
• Contributions to Berkshire's returns significant

Legacy Stock Purchases

Both managers have made investments that later became Berkshire holdings:

• Their picks are studied for potential BRK buys
• Added to existing positions when thesis matches

The Succession Angle

Future Leaders?

Both Combs and Weschler are potential future investment leaders:

• Proven track records
• Understand Berkshire culture
• Think like owners, not traders

Famous Buffett Quotes

"Todd Combs and Ted Weschler have earned their pay many times over."

Related

• capital-allocation — How capital is deployed
• berkshire-hathaway — The company they serve
• long-term-thinking — Their investment approach