Ted Weschler tapped to lead Warren Buffett’s investment company

Ted Weschler–– Charlottesville-based donor, managing partner of Peninsula Capital Advisors and investor in C-VILLE’s parent company–– just got a dream job.

The Wall Street Journal reports that Weschler has been chosen to help oversee Warren Buffett’s Berkshire Hathaway Inc. in the period of transition until Buffett, now 81, retires. Weschler, along with hedge fund manager Todd Combs, will then administer the firm’s entire financial portfolio.

According to the article, a statement from Berkshire alluded to the fact that Weschler will slowly draw his fund to a close in preparation for his new position. A staff person at Weschler’s company said he had no immediate plans to comment. 

The story of how Weschler met Buffett is pure movie material. Weschler literally paid $2.6 million to dine with Buffett as the winner of the annual Glide auction (Glide is a church and mission in San Francisco) two years in a row. Usually, as the article states, auction winners are announced, but Weschler asked to remain anonymous and, according to Fortune, requested to have both dinners in Omaha.

The stocks in Weschler’s fund portfolio have been valued at $2 billion.

Weschler has donated to both Republican and Democrat campaigns, including that of former Fifth District Congressman Tom Perriello.

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