Monday, September 12, 2011

Meet Ted Weschler: Buffett auction winner, Berkshire's new hire

It is surely unprecedented for a person to spend $5,252,722 to get a job, but in a funny way, that is precisely what Ted Weschler, of Charlottesville, Virginia, did. The details, in all their improbability: 
Warren Buffett announced this morning that Weschler, 50, the highly successful managing partner of hedge fund Peninsula Capital Advisors, will soon join Berkshire Hathaway to run a portion of its investments. That move, added to thehiring of Todd Combs last year, is aimed at preparing investment-rich Berkshire for a day when Buffett, who just turned 81, will no longer be running the company's investments.

And how did Buffett get to know Weschler? It's here that fact becomes stranger than fiction.

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