In fact, Berkshire's succession plan is regarded as one of the most concerned succession processes in the history of modern American enterprises. Now, this "draft" has finally taken shape. At the beginning of 20 13, Buffett revealed two brand-new names in his letter to shareholders, Todd Combs and ted weschler. These two fund managers did not appear in Buffett's letter before, but this time, Buffett said they were excellent.
Low-key "Prince of Security"-Todd Combs
Combs is better at preventing downside risks than looking for huge potential stocks. Combs's fund mainly focuses on banks, brokers and insurance companies. According to an investor, since its establishment in June 2005, the Cumulative Return of Combs Fund is 34%. Combs's investment style is also very similar to Hathaway's. For example, both attach great importance to avoiding investment risks. After the 2008 financial crisis, Buffett's most important requirement for his successor is that even risks he has never seen before can be foreseen and successfully avoided. Combs' performance in the financial crisis highlights his nature of being good at avoiding risks.
Mysterious "All-rounder"-ted weschler
West can do all the basic work: find the acquisition target, finance it, supervise the management of the acquired company, design the compensation plan, allocate the funds of commercial entities and understand the loan and credit market from the perspective of banks. At the same time, he is also good at financing under special circumstances such as bankruptcy mergers and acquisitions, managing long tail risks, and controlling stock portfolio risks through positioning, derivatives and appropriate leverage.