Thursday, 18 September 2014
Last updated 11 hours ago
Jan 21 2014 | 10:54am ET
Warren Buffett is proving to have as keen an eye for talent as he has for investment opportunity. In fact, if last year's any indication, he's an even better talent scout than he is an investor.
Two former hedge fund managers hired by the Berkshire Hathaway chief a few years ago to eventually succeed him outdid the Oracle of Omaha in 2013. Indeed, both Todd Combs and Ted Wechsler managed to beat the Standard & Poor's 500 Index's more than 30% return for the year, a feat that eluded the overwhelming majority of their former hedge-fund manager peers.
For his own part, Buffett failed to meet or exceed his own performance target for the first time in the nearly 50 years since he took control of Berkshire, The Wall Street Journal reports.
Combs and Wechsler, who also topped the S&P 500 in 2012, each manage about $7 billion of Berkshire's $100 billion portfolio. It is unclear exactly how well each did last year.
"They have helped Berkshire in significant ways that are not directly connected with investment management," Buffett told the Journal. "They'll both be huge assets for decades to come."
Buffett hired Combs, who ran Castle Point Capital, in 2010, and Wechsler, who ran Peninsula Capital partners, in 2011.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.