This morning Berkshire Hathaway announced it has hired Ted Weschler, founder of Peninsula Capital Management, a Charlottesville, Va.-based hedge fund the he founded in 2000. The two first met after Mr. Weschler had won the annual charity auction for dinner with Mr. Buffett. Mr. Weschler is the second hire for Berkshire after the firm hired Todd Combs last year. Both managers are expected to succeed Buffett as managers for Berkshire’s investments.
So how good an investor is Mr. Weschler? Well investing quarterly in the manager’s ten largest positions based on his 13F public disclosures would have returned 90% since 10/31/2003, three times as much as the S&P 500 TR index which returned 29% over the same period. What’s Mr. Weschler investing in now? His largest positions include DirecTV [DTV], WR Grace & Co. [GRA] and Davita Inc. [DVA].
