recently became the second of possibly three portfolio managers of Berkshire Hathaway (BRK.A
), part of a group in line to take over the entire equity and debt portfolio of the greatest investor of all time, Warren Buffett
, upon his retirement. Prior to accepting the offer, Weschler managed his own private investment firm, Peninsula Capital Advisors, LLC, which he founded in 2000. The fund manager that piqued Buffett’s interest delivered a return of 1,236% over the last 11 years, Reuters reports, but Weschler somehow managed to remain under the public radar in spite of his prowess. He made the acquaintance of Buffett by winning a lunch with him through a charity auction benefitting Glide, a San Francisco homeless charity. Actually, he won twice, paying a total of $5.2 million to dine with Buffett in Omaha in 2010 and 2011.
Though little is known about his investing style, a bio of him from Morningstar says, “Peninsula manages a pool of capital that, on behalf of its clients, makes substantial long-term investments in publicly-traded companies possessing both strong prospects and outstanding management teams.” Continue Reading »