I get a feeling it is going to be hard to get a lot of info on Mr. Weschler. I’m certainly hungry for as much as I can get as it is fascinating to see who Buffett thinks is worthy of managing Berkshire’s money.
The WSJ has the following which fills in some blanks:
CHARLOTTESVILLE, Va.—Two days ago, Richard "Ted" Weschler was a successful but unsung hedge-fund manager in this city of 43,000 people hundreds of miles from Wall Street.
Now, a day after the world learned that Mr. Weschler will be working as one of two investment managers under stock picker extraordinaire Warren Buffett, the 50-year-old investor is a minor financial celebrity.
It is a turn in the limelight that Mr. Weschler hasn't been craving, but he can't easily avoid it now that Mr. Buffett is due to hand him as much as $3 billion in investing authority when Mr. Weschler joins Omaha, Neb.-based Berkshire Hathaway Inc. next year.
"I really try to stay low profile," Mr. Weschler told The Wall Street Journal on Tuesday outside his office on a quaint block of downtown Charlottesville filled with art stores and restaurants. He admitted that trying to keep that status while working for Mr. Buffett might be a bit of an "oxymoron."
Mr. Weschler stepped out around noon to get a salad at the Blue Ridge Country Store, about a block from his office. As soon as he stepped outside, he was greeted by friends and neighbors congratulating him on his new job.
Mr. Weschler politely thanked the well-wishers, exchanged some handshakes, declined an extensive interview and said he was planning to meet with investors in his Peninsula Capital Advisors LLC later Tuesday. The fund holds roughly $2 billion in assets.
Mr. Weschler was wearing a white button-down shirt with his initials embroidered on the pocket, along with a red-and-blue tie. He smiled and laughed as he made small talk, and said he was "astounded" that a reporter would come down from New York in hopes of speaking with him.
Yet Mr. Weschler's record running Peninsula makes it clear why Mr. Buffett and, now, many of Mr. Weschler's neighbors, are eager to make his acquaintance.
Peninsula turned in a strong double-digit-percentage annualized return over the past decade, while the broad Standard & Poor's 500-stock index was basically flat.
A major driver of Peninsula's gains was a prescient investment in chemical company W.R. Grace & Co., where he worked years earlier and which filed for Chapter 11 bankruptcy protection in 2001 after facing claims for damages associated with asbestos.
Since then, Grace's shares have climbed from about $2 a share to over $50 in July. Shares in the company, which still is in bankruptcy protection, rose $2.05, or 6%, to $36.34, in 4 p.m. New York Stock Exchange composite trading Tuesday. Based on shareholdings as of June 30, Peninsula's position in Grace is valued at $391 million.
For the rest of the article: http://online.wsj.com/article/SB10001424053111903532804576569142588655126.html?mod=wsj_share_tweet
The WSJ has the following which fills in some blanks:
CHARLOTTESVILLE, Va.—Two days ago, Richard "Ted" Weschler was a successful but unsung hedge-fund manager in this city of 43,000 people hundreds of miles from Wall Street.
Now, a day after the world learned that Mr. Weschler will be working as one of two investment managers under stock picker extraordinaire Warren Buffett, the 50-year-old investor is a minor financial celebrity.
It is a turn in the limelight that Mr. Weschler hasn't been craving, but he can't easily avoid it now that Mr. Buffett is due to hand him as much as $3 billion in investing authority when Mr. Weschler joins Omaha, Neb.-based Berkshire Hathaway Inc. next year.
"I really try to stay low profile," Mr. Weschler told The Wall Street Journal on Tuesday outside his office on a quaint block of downtown Charlottesville filled with art stores and restaurants. He admitted that trying to keep that status while working for Mr. Buffett might be a bit of an "oxymoron."
Mr. Weschler stepped out around noon to get a salad at the Blue Ridge Country Store, about a block from his office. As soon as he stepped outside, he was greeted by friends and neighbors congratulating him on his new job.
Mr. Weschler politely thanked the well-wishers, exchanged some handshakes, declined an extensive interview and said he was planning to meet with investors in his Peninsula Capital Advisors LLC later Tuesday. The fund holds roughly $2 billion in assets.
Mr. Weschler was wearing a white button-down shirt with his initials embroidered on the pocket, along with a red-and-blue tie. He smiled and laughed as he made small talk, and said he was "astounded" that a reporter would come down from New York in hopes of speaking with him.
Yet Mr. Weschler's record running Peninsula makes it clear why Mr. Buffett and, now, many of Mr. Weschler's neighbors, are eager to make his acquaintance.
Peninsula turned in a strong double-digit-percentage annualized return over the past decade, while the broad Standard & Poor's 500-stock index was basically flat.
A major driver of Peninsula's gains was a prescient investment in chemical company W.R. Grace & Co., where he worked years earlier and which filed for Chapter 11 bankruptcy protection in 2001 after facing claims for damages associated with asbestos.
Since then, Grace's shares have climbed from about $2 a share to over $50 in July. Shares in the company, which still is in bankruptcy protection, rose $2.05, or 6%, to $36.34, in 4 p.m. New York Stock Exchange composite trading Tuesday. Based on shareholdings as of June 30, Peninsula's position in Grace is valued at $391 million.
For the rest of the article: http://online.wsj.com/article/SB10001424053111903532804576569142588655126.html?mod=wsj_share_tweet
