The 80-year-old investor appointed (anointed?) a relatively unknown hedge-fund manager more than half his age to run a “significant portion” of Berkshire Hathaway’s $50 billion-plus investment portfolio. The manager, Todd Combs, currently oversees $400 million in financial-services shares for his Greenwich hedge fund Castle Point, and previously worked for the auto-insurance company Progressive. The analysts that Bloomberg spoke to, some of whom sit on more cash than Combs, sounded surprised or jealous.
Buffett started preparing his succession plan in 2006, when he said his current responsibilities would be split among at least three people, including his son, after he died.