Berkshire Adds Stocks in Pension Handoff to Buffett Lieutenants
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Billionaire Warren Buffett is betting that his deputy investment managers can find value hiding in a corner of Berkshire Hathaway Inc.: its $10.4 billion in pension assets.
Todd Combs, 42, and Ted Weschler, 52, have been building stock portfolios with funds they oversee for defined-benefit plans at Berkshire subsidiaries, including railroad Burlington Northern Santa Fe. The strategy saves Buffett’s company fees it would pay to outside asset managers and could reduce the need for contributions to the pensions.