在
沃伦·巴菲特领导的伯克希尔-哈撒韦(Berkshire Hathaway Inc. BRK.A -1.28% )，管理者青出于蓝而胜于蓝。作为其接班人计划的一部分，这位83岁的亿万富翁近年聘请了两位投资经理。据知情人士称，去年这两名经理人为公司赢得的收益不仅超过了标准普尔500指数的表现，也超过了巴菲特作为伯克希尔最高选股人的表现。
Bloomberg News
在连续两年获得强劲的投资回报后，库姆斯管理着伯克希尔-哈撒韦逾70亿美元的资产。
这两位更年轻的投资经理的卓越表现再次证明，正如巴菲特在他最近的信中所说，巴菲特聘请他们是中了大奖。巴菲特打算在自己退休后让托德·库姆斯(Todd Combs)和特德·韦施勒(Ted Weschler)最终管理他所有的投资，不过他目前还没有计划退休。
与此同时，自1965年巴菲特接管伯克希尔以来，他第一次未能完成自己设定的业绩目标。
Matt Eich/LUCEO for The Wall Street Journal
韦施勒是伯克希尔-哈撒韦公司两位潜在的巴菲特继承人之一。
巴菲特向股东发出预警称，他预计无法实现上述目标，不过股东不太可能利用这一点来反对巴菲特。伯克希尔股价去年上涨了大约30%，目前交易价格较帐面价值存在溢价（这是一种衡量公司 值的方式）。
投资者对巴菲特的这两位投资经理相对陌生。库姆斯今年42岁，2011年开始在伯克希尔工作，此前管理着一只规模为4亿美元的康涅狄格州对冲基金。他已经连续三年打败了标准普尔500指数。
现年52岁的韦施勒曾管理弗吉尼亚州夏洛茨维尔一家规模20亿美元的公司，于2012年加入伯克希尔，他曾在慈善拍卖中出价超过500万美元拍下与巴菲特共进午餐的机会。
巴菲特在接受电话采访时称，这两名经理人现在除了选股之外还从事很多工作。他说，他们在很大程度上帮助了伯克希尔，这不仅仅局限于直接的投资管理，未来几十年拥有他们都是一笔巨大的财富。巴菲特将库姆斯和韦施勒与他的财务助手特雷西·布里特·库尔(Tracy Britt Cool)并称为"三特"。
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巴菲特聘请库姆斯和韦施勒，是为了在他退休之后让他们最终管理伯克希尔所有的投资。
未来几年，两人预计都将在监管包括并购事宜在内的公司事务方面发挥更大作用。
库姆斯和韦施勒两人单独选择的投资规模约140亿美元，在伯克希尔超过1,000亿美元的庞大美国投资组合中只占一小部分。但两人管理的资产规模迅速增加，显示出巴菲特越来越信任他们发现成功者的能力。
他们参与伯克希尔投资以外的商业交易这点很重要，因为伯克希尔的股票投资组合只是这家企业集团整体价值的一部分。伯克希尔是一个庞大的实体，旗下还有保险业务、制造和零售企业以及美国最大的铁路公司之一。
这两位经理买入的头寸大多在10亿美元之内，相比之下，伯克希尔对可口可乐（Coca-Cola Inc. KO -0.46% )、美国运通(American Express Co. AXP +0.49% )、富国(Wells Fargo & Co. WFC -0.04% )和国际商业机器(International Business Machines Corp. IBM -0.09% )这四只股票每只的持仓规模都高达数十亿美元。它们是伯克希尔持仓规模最大的四只股票，多年前由巴菲特选中，截至去年第三季度末，伯克希尔手中这四只股票的总量约值580亿美元，占伯克希尔投资组合的一半以上。
去年是16年来美股表现最强劲的年头，库姆斯和韦施勒挑选的很多股票都大大超过了标普500指数(S&P 500)的表现。
巴菲特曾说，伯克希尔投资组合中的43只股票中，小规模头寸大多数都是由库姆斯或韦施勒投资的，大型头寸则是巴菲特本人的手笔。
比尔·斯密德(Bill Smead)说，这两位先生获准以沃伦的方式进行选股……并管理集中的股票投资组合。他的Smead Capital Management拥有197,005股伯克希尔B股股票。
斯密德说，DirectTV和透析治疗公司DaVita Healthcare Partners Inc.代表着那种巴菲特所说的那种"收费桥"公司，即这样的企业就基本的产品或服务收取消费者必须支付的费用。库姆斯和韦施勒投资了DaVita。
Anupreeta Das
（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）
The pupils are beating the master at Warren Buffett-led Berkshire Hathaway Inc.
Two investment managers, hired by the 83-year-old billionaire in recent years as part of his succession plan, each posted returns last year that outdid both Mr. Buffett's performance as Berkshire's top stock picker and the Standard & Poor's 500-stock index, according to people familiar with the matter.
The 2013 returns mark the second year in a row that the two men beat the broader market gauge, which gained 32% including dividends last year, as well as their boss. The people wouldn't say by how much the two outperformed the market in 2013, but the year before, they each beat the S&P by a double-digit margin, Mr. Buffett said in his 2012 annual letter to shareholders.
The younger managers' strong performance is further proof that Mr. Buffett 'hit the jackpot' with their hires, as he said in his last letter. The 83-year-old billionaire investor hired Todd Combs and Ted Weschler to eventually manage all of Berkshire's investments once he is no longer at the helm, although he has no plans to step down.
Meanwhile, Mr. Buffett fell short of his own performance target for the conglomerate for the first time since the Omaha, Neb., native took control of Berkshire in 1965.
Mr. Buffett has long said he aims to increase Berkshire's net worth faster than the S&P 500's gains over the previous five-year period. Thanks to the index's robust gains in 2013, Mr. Buffett will fall short of that goal, according to analysts as well as calculations by The Wall Street Journal.
Mr. Buffett warned shareholders that he expected to fall short of the measure, though they are unlikely to hold it against him: Berkshire shares gained about 30% last year and are trading at a premium to book value, a measure of the company's net worth.
The investor plucked his investment managers from relative obscurity. Mr. Combs, 42 years old, ran a $400 million Connecticut hedge fund before he started work at Berkshire in 2011. He has beaten the S&P 500 three years in a row.
Mr. Weschler oversaw a $2 billion Charlottesville, Va., firm and joined Berkshire in 2012. Mr. Weschler, 52, also had previously bid more than $5 million in charitable auctions to have private lunches with Mr. Buffett.
In a phone interview, Mr. Buffett said the two managers--who, along with his financial assistant, Tracy Britt Cool, he calls the 'three T's'--now do much more than just pick stocks. 'They have helped Berkshire in significant ways that are not directly connected with investment management,' he said. 'They'll both be huge assets for decades to come.'
Mr. Buffett, Berkshire's chief executive and chairman, also gave them more money to play with. Messrs. Combs and Weschler are each beginning 2014 with more than $7 billion to manage, up from about $3 billion each at the beginning of 2012, according to the people familiar with the matter.
Both men are expected to take a larger role in overseeing the company's affairs, including acquisitions, in coming years.
At $14 billion or so, the investments picked individually by Messrs. Combs and Weschler make up a small slice of Berkshire's massive U.S. portfolio of more than $100 billion. But the rapid increases in assets under management indicate Mr. Buffett's growing faith in their ability to spot winners.
Their involvement in Berkshire's business dealings outside of investments is important because Berkshire's stock portfolio is only part of the conglomerate's overall value. Berkshire is a gigantic entity that also owns insurance operations, manufacturing and retailing businesses and one of the largest U.S. railroads.
The two managers have mostly bought positions of less than $1 billion, which are small compared with the multibillion-dollar positions in Berkshire's 'Big Four' stocks-- Coca-Cola Inc., American Express Co., Wells Fargo & Co. and International Business Machines Corp. Picked by Mr. Buffett years ago, these four stocks collectively represented about $58 billion, or more than half of Berkshire's portfolio, at the end of the third quarter. Berkshire doesn't report its fourth-quarter stock holdings to regulators until next month.
Many of the stocks picked by Messrs. Combs and Weschler significantly outpaced the S&P 500 in what was the strongest year for U.S. stocks in 16 years.
Mr. Buffett has said that most of the small positions in Berkshire's portfolio of 43 stocks are likely investments made by either manager, while the large ones are his.
'Those gentlemen are being allowed to practice stock picking the way Warren did...and run a concentrated equity portfolio,' said Bill Smead, whose Smead Capital Management owns 197,005 Berkshire Class B shares.
Mr. Smead said that DirecTV and DaVita Healthcare Partners Inc., DVA +0.28% a dialysis-treatment company that is an investment of the two managers, resemble the kind of 'toll-bridge' companies Mr. Buffett has talked about -businesses that collect 'tolls' customers must pay to access an essential product or service.
Anupreeta Das
Two investment managers, hired by the 83-year-old billionaire in recent years as part of his succession plan, each posted returns last year that outdid both Mr. Buffett's performance as Berkshire's top stock picker and the Standard & Poor's 500-stock index, according to people familiar with the matter.
The 2013 returns mark the second year in a row that the two men beat the broader market gauge, which gained 32% including dividends last year, as well as their boss. The people wouldn't say by how much the two outperformed the market in 2013, but the year before, they each beat the S&P by a double-digit margin, Mr. Buffett said in his 2012 annual letter to shareholders.
The younger managers' strong performance is further proof that Mr. Buffett 'hit the jackpot' with their hires, as he said in his last letter. The 83-year-old billionaire investor hired Todd Combs and Ted Weschler to eventually manage all of Berkshire's investments once he is no longer at the helm, although he has no plans to step down.
Meanwhile, Mr. Buffett fell short of his own performance target for the conglomerate for the first time since the Omaha, Neb., native took control of Berkshire in 1965.
Mr. Buffett has long said he aims to increase Berkshire's net worth faster than the S&P 500's gains over the previous five-year period. Thanks to the index's robust gains in 2013, Mr. Buffett will fall short of that goal, according to analysts as well as calculations by The Wall Street Journal.
Mr. Buffett warned shareholders that he expected to fall short of the measure, though they are unlikely to hold it against him: Berkshire shares gained about 30% last year and are trading at a premium to book value, a measure of the company's net worth.
The investor plucked his investment managers from relative obscurity. Mr. Combs, 42 years old, ran a $400 million Connecticut hedge fund before he started work at Berkshire in 2011. He has beaten the S&P 500 three years in a row.
Mr. Weschler oversaw a $2 billion Charlottesville, Va., firm and joined Berkshire in 2012. Mr. Weschler, 52, also had previously bid more than $5 million in charitable auctions to have private lunches with Mr. Buffett.
In a phone interview, Mr. Buffett said the two managers--who, along with his financial assistant, Tracy Britt Cool, he calls the 'three T's'--now do much more than just pick stocks. 'They have helped Berkshire in significant ways that are not directly connected with investment management,' he said. 'They'll both be huge assets for decades to come.'
Mr. Buffett, Berkshire's chief executive and chairman, also gave them more money to play with. Messrs. Combs and Weschler are each beginning 2014 with more than $7 billion to manage, up from about $3 billion each at the beginning of 2012, according to the people familiar with the matter.
Both men are expected to take a larger role in overseeing the company's affairs, including acquisitions, in coming years.
At $14 billion or so, the investments picked individually by Messrs. Combs and Weschler make up a small slice of Berkshire's massive U.S. portfolio of more than $100 billion. But the rapid increases in assets under management indicate Mr. Buffett's growing faith in their ability to spot winners.
Their involvement in Berkshire's business dealings outside of investments is important because Berkshire's stock portfolio is only part of the conglomerate's overall value. Berkshire is a gigantic entity that also owns insurance operations, manufacturing and retailing businesses and one of the largest U.S. railroads.
The two managers have mostly bought positions of less than $1 billion, which are small compared with the multibillion-dollar positions in Berkshire's 'Big Four' stocks-- Coca-Cola Inc., American Express Co., Wells Fargo & Co. and International Business Machines Corp. Picked by Mr. Buffett years ago, these four stocks collectively represented about $58 billion, or more than half of Berkshire's portfolio, at the end of the third quarter. Berkshire doesn't report its fourth-quarter stock holdings to regulators until next month.
Many of the stocks picked by Messrs. Combs and Weschler significantly outpaced the S&P 500 in what was the strongest year for U.S. stocks in 16 years.
Mr. Buffett has said that most of the small positions in Berkshire's portfolio of 43 stocks are likely investments made by either manager, while the large ones are his.
'Those gentlemen are being allowed to practice stock picking the way Warren did...and run a concentrated equity portfolio,' said Bill Smead, whose Smead Capital Management owns 197,005 Berkshire Class B shares.
Mr. Smead said that DirecTV and DaVita Healthcare Partners Inc., DVA +0.28% a dialysis-treatment company that is an investment of the two managers, resemble the kind of 'toll-bridge' companies Mr. Buffett has talked about -businesses that collect 'tolls' customers must pay to access an essential product or service.
Anupreeta Das
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