FORTUNE -- Today, a large Berkshire Hathaway mystery lifted when a Greenwich, Conn., hedge fund, Castle Point Capital Management, quietly advised its investors that the fund's managing partner, Todd Anthony Combs, would leave to join Berkshire at the end of the year.
Behind that simple fact is a big story: Combs, a mere 39, will with this move become the leading contender to eventually succeed Warren Buffett as manager of Berkshire's billions in investments.
The word "investment" is key to that last sentence. As chairman of Berkshire, Buffett has two jobs: He runs the business as CEO, and he manages Berkshire's huge investments in securities. It is the investment job for which Combs is the leading contender.
Buffett's hiring of Combs at least partially satisfies a commitment Buffett made to Berkshire's shareholders more than threes year ago in his 2007 annual letter, published in March that year. Buffett said were he to die "tonight," the company would have three outstanding candidates in the CEO half of his job. On the investment side, however he conceded that good candidates were not lined up in the wings.
http://money.cnn.com/2010/10/25/news/todd_combs_berkshire.fortune/index.htm
Monday, October 25, 2010
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