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Warren Buffett taps Todd Combs as leading candidate to succeed him

Warren Buffett not only astounds folks with his mad financial skills, he can also play the ukulele. (Nati Harnik/AP)

It's like hitting the financial sector jackpot: Warren Buffett plucks you out of relative obscurity and anoints you as a possible successor to his throne.

Such was the case for Todd Combs -- the manager of a measly $400 million hedge fund in Greenwich, Conn. Yes, $400 million is measly when stacked up against Berkshire Hathway's $100 billion portfolio. Combs will head for the Omaha headquarters to take over a sizable chunk of that portfolio in the hopes of proving his chops and to one day takeover the investment package.

But don't start calling Combs the heir apparent to Berkshire quite yet. Buffett has considered three other candidates in the past as potential future-investment managers, and only one of them is still in the running: David Sokol, a 53-year-old Omaha native. Plus, Buffett says he has no plans to step down anytime soon.

Besides, at least three people will be needed to make up for the loss of one Buffett, at least according to Buffet's own plan. When he does step down, Bloomberg reports, the 80-year-old investment whiz will name a CEO to oversee the company's operation, plus one or two investment heads to manage the huge portfolio amassed by Berkshire.

Still, Combs has got to be enjoying the metaphorical pat on the back from the Oracle of Omaha himself.

(Disclosure: Buffett sits on the board of The Washington Post.)

By Melissa Bell  | October 26, 2010; 9:13 AM ET
Categories:  The Daily Catch  
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Who remembers Peter Lynch? He was as good as Warren Buffett. If he came out of retirement and became active in the marketplace, my worldwide extended family would sign up in a lightning minute.

Posted by: calexanderbrown | October 27, 2010 8:50 AM | Report abuse

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