Warren Buffett’s annual letter to investors — which ranks each year as one of the business world’s most eagerly awaited documents — is 24 pages of what we’ve come to expect from the chairman of Berkshire Hathaway Inc.
There is, of course, a look at the bottom line. The company continued a long string of financial gains in 2013, with a $34.2 billion gain in net worth. There was also a nod to the company’s staggering historical success. Buffett notes that a share of the stock that sold 49 years ago for $19 is now worth nearly $135,000.
Buffett’s 2014 letter also includes some prominent recognition for Ted Weschler, an Erie native and 1979 Cathedral Preparatory School graduate who has been one of Buffett’s two fund manager’s since 2011.
Buffett wrote: “In a year in which most equity managers found it impossible to outperform the S & P 500, both Todd Combs and Ted Weschler handily did so. Each now runs a portfolio exceeding $7 billion.”
Buffett went on to note that investments managed by Weschler and Combs outperformed his own investments “by a lot.”
His comments about Weschler and Combs conclude by saying, “Todd and Ted have also created significant value for you in several matters unrelated to their portfolio activities. Their contributions are just beginning. Both men have Berkshire blood in their veins.”