September 12, 2011; Source: NYMag.com | Another day, another story about the Buffett family. Everyone’s favorite pholksy philanthropist, Warren Buffett, has set the financial press a-twitter by hiring hedgie Ted Weschler to take over Berkshire Hathaway’s equities portfolio.
The real story for NPQ is in how these two came to know one another. Glide, an organization serving the homeless in San Francisco, has been auctioning off a lunch with Warren Buffett for 11 years. The first year the lunch went for $25,000, but in the past two years it has sold for $2.6 million each year, and, you guessed it, in both cases it was Weschler who submitted the highest bid. The two men lunched at Piccolo’s in Utah and apparently they liked one another immediately. There is already speculation that the 81-year-old Buffett may be lining Weschler up as a possible successor. We do love to cover the Oracle of Omaha here at NPQ, but in this case we sincerely hope that the new guy not only shares Buffett’s commitment to philanthropy, but also to tax equity.—Ruth McCambridge