H/T to Ravi of http://www.rationalwalk.com/ for this find.
Guy Spier, chief executive officer of Aquamarine Capital LLC, talks about succession planning at Berkshire Hathaway Inc. and hedge fund manager Todd Combs, who has named by Warren Buffett to run a "significant portion" of Berkshire's investment portfolio. Todd Combs, who manages about $400 million in financial-services shares at Castle Point Capital in Greenwich, Connecticut, becomes an investment manager, Berkshire said. Spier speaks with Betty Liu on Bloomberg Television's "In the Loop.
Guy’s fund has returned 6% a year over S&P 500 since inception in 1997.
It is now known that Li Lu (although the reason is unclear) will not be taking a position at Berkshire Hathaway. At the recent Value Investing Congress Guy had very positive words for Li Lu and recommended reading his book, Moving the Mountain.
Betty Liu asked Spier about the role Li Lu and Todd Combs would play together. It seems both Guy and Betty were unaware at the time of the interview the breaking news this morning that Li Lu has declined a position at Berkshire Hathaway.
Guy Spier states that it might be a big advantage that Todd Combs is not so well known. Guy who attends all the Berkshire Hathaway annual meetings stated that he never met Todd at any of the meetings.
However, Guy points out that Todd Combs has had annual returns of over 30% since he started and clearly knows what he is doing. In addition, Combs has a lot of experience in the financial sector.
Spier also thinks the good investors who are known well have promoted themselves and Buffett would prefer to go with someone more low key.
Spier states that the most coveted position at Berkshire is the role of Chief Investment officer. Guy thinks that Buffett is reluctant to eventually give up what he is doing but has to have a proper plan in place which is especially important to the Board of Directors.
Spier mentions that Buffett and Munger have been very successful at "needles in haystacks".
Spier thinks that Buffett and Munger especially want someone who is an expert in financial services which makes up a large portion of Berkshire's revenues. Combs will also be expected to run Berkshire in the same manner as it was before, albeit with a larger pool of capital to allocate to investments.
Disclosure: None
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Guy Spier, chief executive officer of Aquamarine Capital LLC, talks about succession planning at Berkshire Hathaway Inc. and hedge fund manager Todd Combs, who has named by Warren Buffett to run a "significant portion" of Berkshire's investment portfolio. Todd Combs, who manages about $400 million in financial-services shares at Castle Point Capital in Greenwich, Connecticut, becomes an investment manager, Berkshire said. Spier speaks with Betty Liu on Bloomberg Television's "In the Loop.
Guy’s fund has returned 6% a year over S&P 500 since inception in 1997.
It is now known that Li Lu (although the reason is unclear) will not be taking a position at Berkshire Hathaway. At the recent Value Investing Congress Guy had very positive words for Li Lu and recommended reading his book, Moving the Mountain.
Betty Liu asked Spier about the role Li Lu and Todd Combs would play together. It seems both Guy and Betty were unaware at the time of the interview the breaking news this morning that Li Lu has declined a position at Berkshire Hathaway.
Guy Spier states that it might be a big advantage that Todd Combs is not so well known. Guy who attends all the Berkshire Hathaway annual meetings stated that he never met Todd at any of the meetings.
However, Guy points out that Todd Combs has had annual returns of over 30% since he started and clearly knows what he is doing. In addition, Combs has a lot of experience in the financial sector.
Spier also thinks the good investors who are known well have promoted themselves and Buffett would prefer to go with someone more low key.
Spier states that the most coveted position at Berkshire is the role of Chief Investment officer. Guy thinks that Buffett is reluctant to eventually give up what he is doing but has to have a proper plan in place which is especially important to the Board of Directors.
Spier mentions that Buffett and Munger have been very successful at "needles in haystacks".
Spier thinks that Buffett and Munger especially want someone who is an expert in financial services which makes up a large portion of Berkshire's revenues. Combs will also be expected to run Berkshire in the same manner as it was before, albeit with a larger pool of capital to allocate to investments.
Disclosure: None
Also check out:
