Lunch with Warren Buffett, Nab a Job As Dessert

by Todd Shriber

Shelling out nearly $5.3 million over the past two years to have lunch with value-investing legend Warren Buffett was not only charitable on the part of one hedge-fund manager. It was also a wise investment, as those lunches have helped Ted Weschler of Virginia-based Peninsula Capital Advisors land a job with Buffett’s Berkshire Hathaway.

Weschler, 50, is the formerly anonymous winner of the 2010 and 2011 auction where bidders pay to have lunch with Buffett with the proceeds going to Glide, a San Francisco-area church and mission, according to Fortune.

In previous years, the winning bidder enjoyed lunch with Buffett at New York’s famous Smith & Wollensky steakhouse. But Weschler opted for more under-the-radar dining and flew to Omaha both years to enjoy meals with Buffett on the latter’s turf, The San Francisco Chronicle reported.

All of that good charity and good fortune has Weschler looking at a new employment opportunity helping Todd Coombs, another former hedge-fund manager, and perhaps a yet-to-be-named third person run Berkshire’s massive stock and bond portfolio, Fortune reported.

Weschler will close Peninsula Capital in anticipation of starting his new job at Berkshire next year. The $2 billion fund is run in modest fashion that would make Buffett proud. Weschler, an analyst and an office manager work out of an office above a bookstore in Charlottesville, Va., according to Bloomberg.

The stakes for Weschler will be higher at Berkshire, which has a $100 billion portfolio. Berkshire’s current equity holdings include American Express (AXP), Coca-Cola (KO), Kraft (KFT) and Wal-Mart (WMT), among others. The stakes may be raised, but it was bidding on steaks that got Weschler to Berkshire in the first place.

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