Loomis notes that the hiring of Combs "at least partially satisfies" Buffett's 2007 planto "hire a younger man or woman with the potential to manage a very large portfolio, who we hope will succeed me as Berkshire’s chief investment officer when the need for someone to do that arises." It is important to note that today's announcement does not signal Combs will automatically become the "next" Warren Buffett and eventually run all of Berkshire Hathaway.īuffett has said for some time now that when he's no longer running Berkshire, his duties will be split among a new CEO, who would oversee the operating businesses, and one or more investment chiefs. Its 69 million shares, as of June 30, would have a current market value of $1.6 billion. Bancorp ($22.8 million), Mastercard ($20.4 million), and State Street ($19.0 million) as its three largest long positions as of June 30.
In its most recent 13-F filing with the SEC, Castle Point lists U.S. That, she writes, is consistent with Buffett's stated intention in his 2007 letterto hire someone who is "genetically programmed to recognize and avoid risk, including those never before encountered." She also notes that Combs "ducked all the most famous disasters," by not going long on AIG, Lehman, Bear Stearns, Citigroup, Washington Mutual, Countrywide, Fannie Mae or Freddie Mac. Loomis says it would have "met immediate disaster" during the financial crisis if it had only gone long on financials, but was "apparently saved" by its short positions. It began full-scale investing in late 2007, the same year Buffett began his search. Now a resident of Darien, Conn., Combs is by birth a Floridian who graduated in 1993 from Florida State University with majors in finance and multinational business operations.īuffett also tells Loomis that Combs' investment record during the financial crisis was "pretty good" and Loomis calls his hiring a clear indication Buffett is satisfied with Combs' performance.Īccording to Loomis, Combs will continue to work out of Connecticut and won't be moving to Omaha.Ĭombs' Castle Point is described as a long/short hedge fund that takes positions in financial services companies. The release says Combs has been managing Castle Point Capital in Greenwich, Connecticut, for the past five years.įortune's Carol Loomis, Buffett's friend and editor of his annual letter to shareholders, writes tonight that Buffett met Combs through Munger, who thought Combs would fit in well at Berkshire.īuffett described Combs as an "all-American type" who is not the least bit interested in publicity, an attitude unlikely to shield him from it. We are delighted that Todd will be joining us." In a news release, Buffett is quoted as saying, "For three years Charlie Munger and I have been looking for someone of Todd’s caliber to handle a significant portion of Berkshire’s investment portfolio.
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