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巴菲特的接班人-第1页

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It is tough to follow a legend.


仿效一个传奇很困难。



Ted Weschler considers himself one of Warren Buffett's biggest admirers, but until this past summer, he couldn't actually see himself working for the Oracle of Omaha. The spotlight and scrutiny that come with such a job simply wouldn't be worth it.


50岁的特德•韦施勒（Ted Weschler）是弗吉尼亚州夏洛茨维尔（Charlottesville）的一位对冲基金经理，自认为是沃伦•巴菲特（Warren Buffett）的忠实崇拜者，但直到去年夏天，他都从未设想过自己会为巴菲特工作。得到这样一份工作，就意味着你将成为社会关注和评论的焦点，这样并不值得。



Yet this month, the 50-year-old Mr. Weschler, a hedge-fund manager based in Charlottesville, Va., will join Berkshire Hathaway Inc. to help Mr. Buffett oversee Berkshire's $110 billion in stocks, bonds and other investments. That positions Mr. Weschler, along with 40-year-old Todd Combs, another former hedge-fund manager, as a candidate to take over, some day, a portfolio Mr. Buffett has run with unparalleled success for more than 45 years.


然而这个月，韦施勒将进入伯克希尔哈撒韦公司（Berkshire Hathaway Inc.），帮助巴菲特掌管伯克希尔公司1100亿美元的股票、债券和其他投资。这让韦施勒和另一位前对冲基金经理、40岁的托德•库姆斯（Todd Combs）成为未来某天可能接手巴菲特空前成功地管理了超过45年的投资组合的候选人。



Because of the inevitable scrutiny, many leading money managers never even bothered to apply when Mr. Buffett announced in 2007 that he was looking for talented investors with the potential to succeed him as Berkshire's portfolio manager.


考虑到必然要接受的严格审查，因此当巴菲特2007年宣布他正在物色有天分的投资者，接替他担任伯克希尔公司的投资组合经理时，许多顶尖基金经理甚至都没想到要去申请。



'There was no chance that any [top fund manager] would take the job,' says Bruce Greenwald, a finance professor at Columbia Business School. 'They are well-established, their incomes would go down, they would lose autonomy, and they didn't want the invidious comparisons against Buffett's performance.


哥伦比亚商学院（Columbia Business School）的金融学教授布鲁斯•格林沃尔德（Bruce Greenwald）称，"任何[顶尖基金经理]都不愿意冒险去接受这项工作。他们干得好好的，何必再冒收入下降、失去自主权的风险？而且他们也不愿意与巴菲特的业绩作于己不利的比较。"



'Who would ever want the job under those circumstances?'


"谁愿意在这种环境下工作？"



Mr. Weschler had given it some thought. When Mr. Buffett initially began scouring the world for money managers and potential successors, Mr. Wesch--ler considered applying, but ultimatelydecided the job would be too high profile, according to interviews with people familiar with Mr. Weschler, Mr. Buffett and Berkshire. This article is based on those interviews.


韦施勒认真考虑了这个机会。当巴菲特最初开始在全球遴选基金经理和继任者人选时，韦施勒曾考虑申请，但通过与熟悉韦施勒、巴菲特和伯克希尔公司的人的交谈，他最终认为这份工作太引人注目。



But after donating more than $5 million to win two charity auctions to dine with Mr. Buffett, a job offer came that Mr. Weschler didn't expect -- and also couldn't pass up. Mr. Buffett, age 81, announced Mr. Weschler's hiring in September, and he plans to go to work for the firm later this month.


但在花了500多万美元赢得两次与巴菲特共进午餐的慈善活动机会后，韦施勒得到了一份他意料之外──而且也无法拒绝──的录用函。81岁的巴菲特在9月份宣布了雇用韦施勒的消息，韦施勒计划本月晚些时候开始上班。



Like Mr. Combs, he will be paid a base salary plus a bonus tied to performance versus the S&P 500 stock index.


和库姆斯一样，他将会得到基本工资以及依据标准普尔500股票指数（S&P 500 stock index）计算投资绩效的奖金。



An unabashed Buffett disciple who had long worked outside the spotlight, Mr. Weschler has run a successful hedge fund, Peninsula Capital Advisors, for the past dozen years from a second-floor office above an old book store on Main Street in Charlottesville, a picturesque college town that is home to the University of Virginia. The fund, which he is now winding down, had about $2 billion in assets.


作为一个长期默默工作却从不掩饰自己是巴菲特信徒的人，韦施勒在过去几十年中管理着一家成功的对冲基金──半岛资本顾问公司（Peninsula Capital Advisors）。这家公司位于夏洛茨维尔缅因街（Main Street）一幢建筑的二层，楼下是一间古老的书店。夏洛茨维尔是一座风景如画的大学城，弗吉尼亚大学（University of Virginia）就坐落于此。这家基金公司管理着约20亿美元的资产。



Mr. Weschler talks or emails with Mr. Buffett every couple weeks, as his future boss has left him free to wrap up his fund's remaining business. He trades emails with Mr. Combs and has made a couple trips to Omaha.


韦施勒每几周就会与巴菲特交谈或通电子邮件，他未来的老板给了他一段时间来处理完他现在所在基金剩余的事务。他和库姆斯用电子邮件交流，并到奥马哈（Omaha）去了几次。



While he plans to continue calling Charlottesville home, Mr. Weschler, who is married with two children, will rent an apartment in Omaha and spend three to four days a week there.


尽管已婚并有两个孩子的韦施勒想继续安家在夏洛茨维尔，但他将在奥马哈租下一间公寓，每周有三至四天住在那里。



Mr. Weschler's arrival in Mr. Buffett's hometown will cap an investing career that began before he could drive.


韦施勒到巴菲特的家乡走马上任，堪称是其投资人职业生涯的顶峰，这一生涯在他年少之时便已开端。



As a child, Mr. Weschler traded baseball cards and rare coins. For his 12th birthday, his aunt bought him 12 shares of stock in Litton Industries, a ship-building company that had a presence in Erie, Pa., where he spent time growing up. From that point, he was hooked on markets, thumbing through the financial pages to follow Litton's every move.


还是个孩子的时候，韦施勒就会交易棒球卡和稀有硬币。他12岁生日时，他的姨妈给他买了12股立顿工业公司（Litton Industries）的股票，这是宾夕法尼亚州伊利市（Erie）的一家造船公司，韦施勒就是在那里长大的。从那时开始，他就迷上了股市，开始翻看金融报道，密切关注立顿公司的动态。



Mr. Weschler planned to attend college at John Carroll University near Cleveland, but after an older brother pushed him to aim higher, he ended up going to the University of Pennsylvania's Wharton School, earning a degree in finance and accounting in 1983. To help pay his way through school, Mr. Weschler bought a used pinball machine and charged fellow students to play it. (He still has the pinball machine.)


韦施勒本打算上克利夫兰（Cleveland）附近的约翰-卡罗尔大学（John Carroll University），但他的一个哥哥让他树立了更高的目标，最后他进入了宾夕法尼亚大学沃顿商学院（the University of Pennsylvania's Wharton School），并于1983年获得了金融学与会计学学位。为了筹集学费，韦施勒买了一台二手弹球机，向来玩的同学收费。（现在他仍留着这台弹球机。）



After graduation, Mr. Weschler moved to Battery Park in lower Manhattan and began working for W.R. Grace & Co., a conglomerate founded in 1854 with global operations in chemicals, restaurants and health care.


毕业后，韦施勒住在曼哈顿下城（lower Manhattan）的炮台公园（Battery Park），开始为W.R. Grace & Co.工作。这是一家成立于1854年的企业集团，在全球经营化学品、餐馆和医疗保健生意。



His time at Grace gave Mr. Weschler exposure to a broad set of industries; he worked his way up from an entry-level finance position to the role of assistant to Peter Grace, then a prominent American industrialist.


韦施勒在Grace公司工作的时间让他接触到了许多行业。他从最底层的财务职位干起，最后成为了当时美国著名的实业家彼得•格雷斯（Peter Grace）的助理。



Even then Mr. Weschler was testing his skills as a stock-picker. During his early days at Grace, when he earned just $21,000 a year, Mr. Weschler maxed out his credit cards to buy all the shares of Pace Membership Warehouse he could, figuring his potential capital gains on the stock would exceed the interest charges on his credit cards. (He was right.)


即使在那时，韦施勒也在检验着自己选择股票的才能。他刚到Grace公司，每年才挣21,000美元时，就用信用卡的全部预借现金额度购买了所有他能买到的步伐会员仓储销售公司（Pace Membership Warehouse）的股票，因为根据他的估算，他所购买股票的潜在资本收益将超过信用卡的利息费用。（事实证明，他是对的。）



Mr. Weschler got the idea when he became enamored with the concept of the warehouse club as he researched the business model for Grace. Pace was an early competitor of Costco that was later bought by Wal-Mart.


韦施勒为Grace公司研究商业模式时接触到了仓储会员店的概念，当他开始沉迷于这个概念时，便有了这个想法。Pace公司是好市多（Costco）的早期竞争者，后来被沃尔玛（Wal-Mart）收购。



When Mr. Weschler decided to leave Grace in 1989 after six years, Mr. Grace begged him to stay. 'It was the disappointment of the year for my father,' recalls Patrick Grace, son of the late CEO. But Mr. Weschler had grown concerned about the company's future after Mr. Grace's imminent retirement. Mr. Grace stepped down in 1992 and died in 1995; the company filed for bankruptcyprotection in 2001 under pressure from asbestos litigation.


六年后的1989年，当韦施勒决定离开Grace公司时，格雷斯恳求他留下。这位已故首席执行长的儿子帕特里克•格雷斯（Patrick Grace）回忆道，"这是那年最令我父亲失望的一件事。"但当时格雷斯临近退休，韦施勒越来越担心公司的前途。格雷斯于1992年让位，于1995年去世。在石棉官司的压力下，Grace公司于2001年申请破产保护。



After leaving Grace, Mr. Weschler spent roughly a decade as a partner in Quad-C Management Inc., a private-equity firm in Charlottesville. His partner was Terry Daniels, who had served as a vice chairman and director of Grace.


离开Grace后，韦施勒在夏洛茨维尔一家叫Quad-C Management Inc.的私募股权基金公司做了近10年合伙人。他的合伙人是特里•丹尼尔斯（Terry Daniels），曾担任Grace公司的副主席和董事。



The two built a successful business in Quad C, which invests in businesses valued at between $75 million and $400 million, according to its website.


他们两人在Quad C的生意做得很成功，据这家公司的网站称，该公司投资于价值在7500万美元至4亿美元的企业。



Mr. Weschler decided to go out on his own, launching Peninsula in 1999.


后来，韦施勒决定自己单干，1999年，他创立了半岛公司。



Mr. Daniels, in a phone interview, said he takes 'enormous pride' in Mr. Weschler's success. Added Mr. Daniels, 'I think Warren Buffett is going to be delighted.'


在一次电话采访中，丹尼尔斯说他为韦施勒的成功"深感自豪"。丹尼尔斯还说，"我想沃伦•巴菲特会很欣慰的。"



Years after Mr. Weschler launched Peninsula, he returned to Grace as an investor. Attracted by the conglomerate's rich assets after it filed for bankruptcy protection, Mr. Weschler's fund bought more than 5% of W.R. Grace's stock at an average cost of about $2 a share. The stock now trades for about $45.


韦施勒创立半岛公司多年后，他以投资者的身份重返Grace公司。韦施勒的基金被这家企业集团申请破产保护后丰厚的资产所吸引，并以每股约2美元的平均成本购买了超过5%的W.R. Grace的股票。现在，该股票的交易价约为45美元。



The Grace stake is the biggest in Peninsula's portfolio, which is concentrated with roughly a dozen positions, allowing him to get to know well the companies in which he is invested.


Grace的股票占半岛公司投资组合的比例最高。该公司的投资集中于十几种资产，这让他能够清楚地了解所投资的公司。



Berkshire's $59 billion portfolio of public stocks is also highly concentrated, with stakes in just 33 companies and 74% of the assets in the five top holdings.


伯克希尔价值590亿美元的公开交易股票组合也是高度集中的，只投资了33家公司，其中持有金额前五位的五只股票占了总资产的74%。



As he winds down his fund, Mr. Weschler is experiencing something Mr. Buffett hasn't encountered as often: losses.


当韦施勒关闭他的基金公司时，他正经历着巴菲特很少遇到的情况：亏损。



During the third quarter, which ended Sept. 30, the size of Mr. Weschler's publicly traded stock portfolio shrank from about $2 billion to $1.2 billion. That was partly because he unwound some positions but also reflected losses in some of his major holdings, including DirecTV, the satellite-television company, and DaVita Inc., a health-care company.


在9月30日结束的第三季度中，韦施勒的公开交易股票组合价值从约20亿美元缩水至12亿美元。部分原因是由于他盘活了一些头寸，但也反映出他持有的某些主要股票（包括卫星电视公司DirecTV和医疗保健公司DaVita Inc.）的亏损。



On Dec. 15, Mr. Weschler distributed most of Peninsula's remaining liquid holdings to investors. He said earlier he wouldn't chargemanagement or other fees from Sept. 30.


12月15日，韦施勒将半岛基金持有的多数剩余流动性资产分配给投资者。之前，他曾称从9月30日起，他将不再收取管理费和其它费用。



Even a cursory look at Mr. Weschler's investments reveals his idol's influence.


即使是粗略看一下韦施勒的投资，也能看出他偶像对他的影响。



Mr. Weschler, much as Mr. Buffett did, focuses on a small set of companies. He holds stocks for years at a time. And like Mr. Buffett, he has experience snapping up whole, privately held companies.


韦施勒就像巴菲特做的那样，集中投资于少数公司。他一次持有股票数年之久。而且和巴菲特一样，他也曾抢购整家私人持股公司。



In November, Mr. Buffett responded to a question from a student about his new hires by saying he picked investment managers he is 'certain will do well' and have 'outstanding character.' He said he looked not only for managers who have performed well, but also for 'people who only want to work at Berkshire, and not change jobs.'


11月，巴菲特在回答一位学生关于他的新雇员的问题时说，他会选择他"确定能干好"而且拥有"优秀品格"的投资经理。他说，他寻找的不仅是业绩卓著的经理，还有"只想在伯克希尔工作而不想跳槽的人"。



'We have two people who are extraordinary investors and extraordinary human beings, and that's a rare combination,' he said of Messrs. Weschler and Combs. 'I'm not going to be around forever, though I am going to try.'


他谈到韦施勒和库姆斯时说，"我们有两位经理，他们既是杰出的投资者，也是杰出的人，二者贵能兼得。我不会永远留在公司，但我会尽力。"



Reached by telephone this week, Mr. Buffett said, 'Normally, after you marry somebody, about a month later you realize you've learned things you didn't expect. But everything I've seen so far about both [Mr. Weschler and Mr. Combs] makes me feel even more comfortable than before.'


在上周的电话采访中，巴菲特说，"通常，你与某人结婚一个月后，就会发现你又了解到了一些意想不到的东西。但迄今为止，我了解到的[韦施勒和库姆斯的]每件事都让我比以前更放心了。"



Steve Eder / Jason Zweig

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