2011年9月12日

巴菲特接班人选再添一员 Buffett's Berkshire Names Newest Investment Manager

菲特(Warren Buffett)周一再次选中一位没有太大名气的对冲基金经理,任命其来管理伯克希尔哈撒韦公司(Berkshire Hathaway Inc.)巨额投资组合的一部分。

巴菲特挑中了投资管理公司Peninsula Capital Advisors执行合伙人韦斯勒(Ted Weschler),这是让伯克希尔为现年81岁的巴菲特不再执掌该公司之日做好准备的最新举措。

Reuters
伯克希尔哈撒韦公司主席巴菲特
伯克希尔的接班计划是美国商界受到最密切关注的事件之一。巴菲特一直说,他和公司董事会计划将其在伯克希尔的责任分派给数人。巴菲特现任伯克希尔董事长、首席执行长和投资负责人。

现年50岁的韦斯勒将与巴菲特去年任命的40岁的库姆斯(Todd Combs)一起暂时管理伯克希尔660亿美元的股权投资组合的一部分。当巴菲特退位时,这两人,或许再加上一个人,将负责伯克希尔全部的股权和债务投资,不过巴菲特说他预计这一天不会很快到来。

巴菲特周一在接受采访时说,这是很久之前就制定好的一项计划的一部分,我们已经制定了万美的接班计划……我也感觉好极了。10年之后再给我打电话,到那时候我就91岁了。

巴菲特和伯克希尔董事会还挑选了数个可能接任首席执行长的人选。这些人选尚未公布。

巴菲特说,他的儿子霍华德・巴菲特(Howard Buffett)可能会担任伯克希尔的非执行董事长。

巴菲特说,今后库姆斯和韦斯勒都会逐渐获得伯克希尔越来越多的资金用以投资,并在股票选择上不会受到任何限制。

他说,他们都一直在寻找估值过低的股票,并且他们会有相同的一片土地来辛勤耕耘。

韦斯勒在弗吉尼亚州的夏洛茨维尔拥有一只基金。据伯克希尔周一发布的一份声明,他对基金的投资者说,在为明年初加入伯克希尔做准备之时,他会逐渐放松对该基金的管理。他没有立即回应置评请求。

据《财富》杂志上经巴菲特证实的一段报道说,韦斯勒在2010年以2,626,311美元赢得巴菲特年度慈善拍卖,巴菲特是那时注意到韦斯勒的。韦斯勒今年再次胜出,价格比上一年高100美元。拍卖获胜者能够与巴菲特共进午餐。

巴菲特周一表示,库姆斯和韦斯勒实际上还是会做以前为他们各自的对冲基金所做的工作,但税率没有那么优厚。伯克希尔将会为他们支付基本薪资外加绩效奖金,奖金多寡将会和他们击败标准普尔500指数的程度挂钩。

不过,他们的收入会按照普通收入的税率缴税,而非按照对冲基金资本收益15%的税率来缴税。巴菲特说,现在他们得到了一份工作,但需要缴纳正常的税金,他们对此并没有一丁点的不高兴。

Erik Holm

(更新完成)

(本文版权归道琼斯公司所有,未经许可不得翻译或转载。)


Warren Buffett plucked a second little-known hedge-fund manager from obscurity on Monday to handle a portion of Berkshire Hathaway Inc.'s (BRKA, BRKB) massive investment portfolio.

The selection of Ted Weschler, managing partner of Peninsula Capital Advisors, is the most recent move to prepare Berkshire for the day when Buffett, 81, will no longer run the company.

The succession plan at Berkshire is one of the most closely watched in the U.S. business world. Buffett--who serves as Berkshire's chairman, chief executive and head of investing--has said he and the company's board plan to spread his responsibilities at Berkshire among several people.

Weschler, 50, will join Todd Combs, 40, named by Buffett last year, in handling a fraction of Berkshire's $66 billion equity portfolio for the time being. When Buffett steps aside, the two men, and perhaps a third person, will have responsibility for all of Berkshire's equity and debt investments--though Buffett said he didn't expect that day to come soon.

'This is part of a plan we put in place a long time ago,' Buffett said in an interview on Monday. 'We've got the perfect succession plan...and I'm feeling terrific, too. Call me in 10 years and I'd have turned 91.'

Buffett and Berkshire's board also have compiled a handful of candidates to choose from when deciding which individual will take over the CEO role. The names on that list haven't been revealed to the public.

Buffett has said his son, Howard Buffett, could serve as Berkshire's nonexecutive chairman.

Buffett said both Combs and Weschler will gradually get more of Berkshire's money to invest over time and will have no constraints over what stocks they pick.

'They both have looked for undervalued stocks, and they both will have the same vineyard in which to toil,' he said.

Weschler told investors in his Charlottesville, Va.-based fund that he will be winding down the fund as he prepares to join Berkshire early next year, according to a statement from Berkshire Monday. He did not immediately respond to a request for comment.

According to an account in Fortune that was confirmed by Buffett, Weschler appeared on Buffett's radar when Weschler won Buffett's annual charity auction with a bid of $2,626,311 in 2010. He also won again this year, topping his prior-year bid by $100. The winner of the auction gets to dine with Buffett.

Buffett noted Monday that Combs and Weschler will be effectively doing what they used to do for their own hedge funds, but at a less-advantaged tax rate. They will be paid a base salary by Berkshire plus a performance fee that will be tied to how much they beat the S&P 500 stock index.

Their income, however, will be taxed as ordinary income rather than the 15% rate on capital gains that hedge funds benefit from. 'They've got a job now but now they'll pay normal taxes, and they're not the least bit unhappy about it,' Buffett said.

Erik Holm

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