Tuesday, 21 October 2014
Last updated 43 min ago
Jul 16 2012 | 11:47am ET
Warren Buffett is handing more money over to the two hedge fund managers he brought in to succeed him at Berkshire Hathaway.
The 81-year-old told Bloomberg Television that he was boosting the amount managed by Todd Combs and Ted Wechsler by about half, to roughly $4 billion each. Each man runs about $2.75 billion at the beginning of the year.
The vote of confidence put a little less than 10% of Berkshire's nearly $90 billion in assets in the hands of the former hedge fund managers, who have the authority to manage the money "exactly as they see fit."
"They have terrific talent," Buffett said. "I feel very, very, very good about where we are now versus a few years ago in terms of successor investment management." Buffett said earlier this year that he knew who would succeed him, but would not identify that person.
Both Combs and Wechsler ran their own hedge funds before joining Berkshire, the former in 2010 and the latter last year. Combs shuttered his Castle Point Capital and Wechsler his Peninsula Capital Partners.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...