Ex-Hedge Fund Manager's Favorite A Buy At Berkshire

Nov 7 2011 | 12:17pm ET

Is Warren Buffett's would-be successor, former hedge fund manager Todd Combs, throwing his weight around at Berkshire Hathaway?

Berkshire almost doubled its stock purchases in the third quarter, including a big investment in Combs favorite MasterCard. MasterCard was a major part of Combs' portfolio at his hedge fund, Castle Point Capital Management, which he shuttered to join Berkshire.

"I wonder if he turned Todd Combs loose," David Rolfe, chief investment officer at Wedgewood Partners, which invests in Berkshire, told Bloomberg News. "I hope Buffett went to the movies one day and Combs got on the phone and went crazy with buy orders."

All told, Berkshire invested $23.9 billion in the third quarter, its biggest three-month buy in 15 years. Almost $7 billion of that was in stocks, increasing Berkshire's equity holdings by 62% to $17.4 billion.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of