It’s one thing to show up the boss.
It’s another to show up the boss when he’s one of the richest men in the world and recognized as the greatest investor in American history.
But that’s just what Erie native R. Ted Weschler did in 2012, when the investments he oversees at Berkshire Hathaway Inc. outperformed the S&P 500 by double digits, and outperformed investments managed by Chairman Warren Buffett.
Weschler, a 1979 Cathedral Preparatory School graduate who was named one of Berkshire’s two investment managers in 2011, was mentioned prominently and by name in Buffett’s annual letter to shareholders. The annual letter is considered one of the most-awaited and widely-read documents in the world of business.
In the letter, released Friday, Buffett wrote: “Todd Combs and Ted Weschler, our new investment managers, have proved to be smart, models of integrity, helpful to Berkshire in many ways beyond portfolio management, and a perfect cultural fit. We hit the jackpot with these two. In 2012 each outperformed the S&P 500 by double-digit margins.”
And, Buffett added in a small smaller typeface, “They left me in the dust as well.”
Buffett also made it clear that neither Combs nor Weschler is just passing through.
He wrote: “Todd and Ted are young and will be around to manage Berkshire’s massive portfolio long after (I) have left the scene. You can rest easy when they take over.”
Berkshire Hathaway, a massive holding company that owns railroads, the Washington Post and recently agreed to buy Pittsburgh-based H.J. Heinz Co., achieved a total gain for shareholders of $24.1 billion during 2012.
Over the past 48 years, the company’s value has grown at an annual rate of 19.7 percent.
Weschler, one of five children of the late Frank and Rita Weschler, is a nephew of Admiral Tom Weschler, who lives in Mystic, Conn.
Weschler is married to the former Sheila McCarthy, of Erie, whom he married in Erie in 1991.