Todd Combs is in line to become the new Warren Buffett, now that the 39-year-old hedge fund manager was selected by Buffett to succeed him, according to an announcement Monday.
Combs will oversee a “significant portion” of the Berkshire Hathaway portfolio after having spent the past five years running Castle Point Capital Management in Greenwich, Conn.
“He’s always been enamored with Berkshire,” Buffett (left) was quoted as saying in a New York Times report. “I know he’ll be good, but he’s the right type of guy. We don’t want someone who’s trying to figure out if they can make $100 million with us, or $200 million with the next guy.”
Castle Point has “only about $400 million in assets . . . primarily invested in the shares of financial-services companies,” according to The Wall Street Journal, which reported that Berkshire has not disclosed which portion of its $100-billion-plus portfolio Combs will manage.