A takeover of Berkshire Hathaway’s largest pension funds allowed Warren Buffett’s two investment protégés, Todd Combs and Ted Weschler, to make bigger bets such as the $1bn stake in Apple that was disclosed this week.
The former hedge fund managers are expected to assume control of the $2.3bn fund at Precision Castparts, the aerospace supplier Mr Buffett acquired this year, on top of other Berkshire subsidiary pension funds that have already swelled their investment portfolio to $9bn apiece.
The expanded firepower enabled one of the pair to make the distinctly un-Buffettlike investment in Apple, and has helped Berkshire widen its investment activities into industries, including technology, where Mr Buffett is uncomfortable.
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