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從慈善晚宴標(biāo)王到股神新接班人
 作者: Carol J. Loomis    時(shí)間: 2011年09月16日    來源: 財(cái)富中文網(wǎng)
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伯克希爾哈撒韋投資團(tuán)隊(duì)的最新成員以一種令人驚奇的方式贏得了沃倫?巴菲特的注意。用金錢來衡量,這份新工作前后花了他5,252,722美元。

轉(zhuǎn)貼到: 微信 新浪微博 關(guān)注騰訊微博 人人網(wǎng) 豆瓣

????居中者為泰德?韋斯切勒

????為了得到一份差事而花費(fèi)5,252,722美元,這恐怕是前所未見的大手筆,有趣的是,某種程度上說家住弗吉尼亞州夏律第鎮(zhèn)的泰德?韋斯切勒正是這么做的。這一令人難以置信的故事的細(xì)節(jié)如下:

????沃倫?巴菲特今天早上宣布,韋斯切勒很快將加盟伯克希爾哈撒韋(Berkshire Hathaway),負(fù)責(zé)該公司部分投資的管理。韋斯切勒現(xiàn)年50歲,是對(duì)沖基金半島資本顧問(Peninsula Capital Advisors)的管理合伙人,投資業(yè)績非常成功。與去年招聘托德?康姆斯一樣,該舉措旨在使投資巨鱷伯克希爾為日后發(fā)展做好準(zhǔn)備——巴菲特剛剛度過了81歲生日,不可能永遠(yuǎn)執(zhí)掌該公司的投資。

????韋斯切勒是如何結(jié)識(shí)巴菲特的呢?事實(shí)有時(shí)候比小說還要怪誕。

????巴菲特每年都會(huì)舉行一場(chǎng)慈善拍賣,出價(jià)最高者有權(quán)與巴菲特共進(jìn)午餐,拍賣所得一律捐給舊金山教會(huì)及慈善組織Glide。

????2000年第一場(chǎng)慈善午餐會(huì)的贏家給Glide帶來了2.5萬美元善款,此后這一金額節(jié)節(jié)高漲。2010年,一位匿名人士花了2,626,311巨資贏得競拍,震驚世人。

????今年,一位競拍者又把中標(biāo)價(jià)拉高了100美元,達(dá)到2,626,411美元,他同樣要求匿名。

????根據(jù)現(xiàn)在首次公布的一系列事件,真相終于大白:兩年中贏得競拍的都是韋斯切勒。

????由于不想引人注意,兩年中他都不愿意在紐約與巴菲特共進(jìn)午餐,盡管傳統(tǒng)上午餐會(huì)都在那兒的史密斯沃倫斯基(Smith & Wollensky)牛排館進(jìn)行——該店慷慨地將餐費(fèi)也捐贈(zèng)給了Glide。

????相反,根據(jù)韋斯切勒的要求,這兩年的午餐會(huì)(事實(shí)上變成了晚餐)都轉(zhuǎn)移到了奧馬哈進(jìn)行。具體地點(diǎn)仍由巴菲特選擇,是他最喜歡的餐館之一Piccolo's(該店的氣氛相當(dāng)隨意)。

????2010年7月,兩人為了這頓價(jià)值2,626,311的晚餐見了面,彼此馬上就看對(duì)了眼。巴菲特也了解到了韋斯切勒的投資業(yè)績,以及他獲得這一業(yè)績的方法——對(duì)巴菲特來說,“方法”與業(yè)績本身一樣重要。

????在巴菲特的邀請(qǐng)下,韋斯切勒隨后參加了今年春季的伯克希爾哈撒韋2011年度股東大會(huì)。在大會(huì)當(dāng)晚的大型私人聚餐中,他向筆者介紹了自己,給筆者留下了聰明而又和善的好印象,還自稱他在那里頗為開心。

????此后,在今年7月26日舉行的Glide晚餐會(huì)上,巴菲特試探了韋斯切勒是否有意加盟伯克希爾,但不抱太大希望,對(duì)此還頗為遺憾。“我非常希望他能加盟,但對(duì)這個(gè)想法我也不抱很大希望,”巴菲特向《財(cái)富》雜志(Fortune)表示,“為伯克希爾效力毫無疑問能讓泰德掙到很多錢,可他管理自己的基金所獲收入已經(jīng)很高了——從他參加Glide競拍的出價(jià)就能看出這一點(diǎn)——因此金錢并非他決定加盟的動(dòng)力?!?/p>

????盡管如此,韋斯切勒立即表示他會(huì)認(rèn)真考慮,而且在幾個(gè)周內(nèi)就得出結(jié)論:他愿意接受巴菲特的邀請(qǐng)。截至目前,韋斯切勒尚未向媒體解釋他的考量,但筆者揣測(cè),韋斯切勒長期以來對(duì)巴菲特的崇拜起了很大作用,因此他難以拒絕這一邀請(qǐng)。

????他的決定當(dāng)然會(huì)影響到很多人。他會(huì)關(guān)閉自己的基金。很多合伙人一向?qū)λ耐顿Y業(yè)績很滿意,對(duì)他們來說這恐怕不是好消息。

????韋斯切勒從沃頓商學(xué)院(Wharton)獲得學(xué)士學(xué)位后,曾在格雷斯(W.R. Grace)公司工作了六年,并參與了弗吉尼亞私募股權(quán)基金Quad-C的創(chuàng)立,隨后在12年前啟動(dòng)了半島基金。Quad-C主要從事收購業(yè)務(wù),但也持有不少合伙人的資金,韋斯切勒用這些資金進(jìn)行投資,取得了很好的業(yè)績。

????1999年,他決定單干,于是創(chuàng)立了半島資本顧問。根據(jù)該基金向美國證券交易委員會(huì)(SEC)提交的第一份13F報(bào)表(反映2000年底時(shí)的情況)顯示,他持有的股票價(jià)值1.5億美元。當(dāng)時(shí),韋斯切勒已經(jīng)向公眾進(jìn)行了兩次募資。

????他最新一次申報(bào)反映了2011年第二季度的情況,顯示股票倉位價(jià)值近20億美元。(如果韋斯切勒在2004-2005年間沒有鎖定基金,停止募集資金,這一數(shù)字毫無疑問將更為龐大。)

????而且,這一20億美元股票倉位只反映了部分情況,因?yàn)榕c其他對(duì)沖基金管理人一樣:韋斯切勒還做空股票(這些倉位不必在13F報(bào)表中申報(bào)),并借款在基金資本的基礎(chǔ)上進(jìn)行杠桿操作。

????韋斯切勒加入伯克希爾之后可能得停止做空交易,杠桿操作就更不用提了。伯克希爾副董事長查理?芒格一直都說,世界上多數(shù)問題都是“酒精和杠桿”造成的。

????不管怎么說,韋斯切勒?qǐng)?zhí)掌半島基金期間創(chuàng)下了令人眼花繚亂的優(yōu)異業(yè)績,在致合伙人的信中,他將業(yè)績與四大基準(zhǔn)相比——不僅是與通常的道瓊斯工業(yè)平均指數(shù)或標(biāo)普500比較,甚至讓伯克希爾B級(jí)股的表現(xiàn)也相形失色。

????對(duì)于那些在2000年初投資于半島基金合伙人,截至2011年第一季度,其投資回報(bào)率總計(jì)高達(dá)1236%(我知道這個(gè)數(shù)字太大了,看起來像是打錯(cuò)了小數(shù)點(diǎn),但它沒錯(cuò)),與此形成鮮明對(duì)比的是,伯克希爾B類股只漲了146%。

????韋斯切勒的投資風(fēng)格是只買入少數(shù)幾支股票,然后長期持有——這套行事方法肯定幫他贏得了巴菲特的贊賞,因?yàn)楹笳咭卜钚羞@一投資風(fēng)格。半島基金最新的13F報(bào)表反映了截至6月份的第二季度持股情況,報(bào)表顯示,該基金只持有區(qū)區(qū)9支股票。

????三大重倉股分別是格雷斯(4.12億美元)、DaVita(3.68億美元)和DirectTV(3.28億美元),DaVita運(yùn)營腎透析中心,格雷斯已陷入破產(chǎn)境地,但其股票仍在市場(chǎng)上活躍交易。

????至于韋斯切勒將在伯克希爾擔(dān)負(fù)的職責(zé),事實(shí)上可在該公司今年年報(bào)中巴菲特致股東的信中找到答案:與此前加盟的托德?康姆斯一樣,韋斯切勒將有機(jī)會(huì)掌管10-30億伯克希爾資金的投資,而巴菲特仍將是伯克希爾的主要投資者。

????巴菲特希望韋斯切勒幾個(gè)月內(nèi)就開始為伯克希爾效力,或許從明年2月份開始。韋斯切勒則向巴菲特表示,他仍將住在位于夏律第鎮(zhèn)新建的宅邸,但會(huì)在奧馬哈買下一套公寓,并計(jì)劃每周在伯克希爾停留幾天。

????因此,與巴菲特的私人會(huì)面很可能將成為韋斯切勒下一階段的家常便飯,或許這意味著他不會(huì)參加今年的Glide競拍了——不過這也說不定。

????本文作者是《財(cái)富》資深自由編輯,他持有伯克希爾哈撒韋股票,還是沃倫?巴菲特的長期好友,并義務(wù)為后者每年致股東的信函提供編輯服務(wù)。

????It is surely unprecedented for a person to spend $5,252,722 to get a job, but in a funny way, that is precisely what Ted Weschler, of Charlottesville, Virginia, did. The details, in all their improbability:

????Warren Buffett announced this morning that Weschler, 50, the highly successful managing partner of hedge fund Peninsula Capital Advisors, will soon join Berkshire Hathaway to run a portion of its investments. That move, added to the hiring of Todd Combs last year, is aimed at preparing investment-rich Berkshire for a day when Buffett, who just turned 81, will no longer be running the company's investments.

????And how did Buffett get to know Weschler? It's here that fact becomes stranger than fiction.

????Every year, Glide, a San Francisco church and mission, is the beneficiary of an auction in which the prize for the top bidder is a private lunch with Buffett.

????In the first year of the lunch, 2000, the winner donated $25,000 to Glide. The auction price then proceeded to skyrocket, and in 2010, an anonymous bidder won with an amazing $2,626,311 bid.

????Then, this year, a bidder also wishing to be anonymous won by upping that bid by $100, to $2,626,411.

????So here, in a state of affairs being disclosed publicly for the first time, is the fact: Weschler was the winning bidder in both years.

????In neither year, since he was trying to stay under the radar, did he wish to have lunch in New York, whose Smith & Wollensky steakhouse has usually hosted the lunch -- and given generously to Glide itself.

????The lunch (or dinners, as they turned out to be) were instead held in both years, at Weschler's request, in Omaha. Buffett picked the site, one of his favorite restaurants, Piccolo's (whose ambiance is pervasively casual).

????Meeting in July, 2010 for the $2,626,311 dinner, the two men liked each other right away. Buffett learned about Weschler's investment success and how he achieved it—the 'how' being as important to Buffett as the gains themselves.

????At Buffett's invitation, Weschler later came to the 2011 Berkshire Hathaway (BRKA) annual meeting, held last spring. At a large private dinner on the night of the meeting, he introduced himself to this reporter, made an impression as smart and friendly, and described himself as having a great time.

????And then, at this year's Glide dinner, held July 26th, Buffett almost apologetically sounded out Weschler about the possibility of his joining Berkshire. "I very much wanted him to do it, but I didn't expect to get very far with the idea," Buffett told Fortune. "Ted will no doubt make a lot of money at Berkshire. But he was already making a lot of money with his fund -- you can get an idea of that from the size of his Glide bids -- so money wasn't a reason for him to come."

????Even so, Weschler said right away he'd think it over -- and within weeks came to the conclusion that he wanted to accept Buffett's offer. For the moment, Weschler isn't explaining his reasons to the press. But this reporter can speculate that Weschler's long-time admiration for Buffett made this an offer he just couldn't refuse.

????Certainly his saying yes has rocked many a boat. He is closing his fund, and that, for a lot of happy partners in it, cannot be good news.

????Weschler started his fund 12 years ago after getting an undergraduate degree from Wharton, working for six years at W.R. Grace, and helping to start a Virginia private equity fund, Quad-C. While that fund worked its way toward buyouts, it held the cash of its partners, and Weschler invested it, doing well in the job.

????Deciding in 1999 to strike out on his own, he started Peninsula. The fund's first 13F filing with the SEC, for yearend 2000 -- Weschler had by then opened the fund twice to investments -- shows it owned about $150 million of stocks.

????His latest filing, for the second quarter of 2011, gives his long position in stocks as almost $2 billion. (That amount would no doubt be higher, were it not that Weschler closed the fund to new money in the 2004-2005 period).

????But that $2 billion in long positions only partly tells the story, because in true hedge-fund style, Weschler shorts stocks (positions that do not have to be reported in 13Fs) and also borrows money to leverage the fund's capital.

????At Berkshire, Weschler's shorting is likely to cease and certainly leveraging will. Charlie Munger, Berkshire's vice-chairman, has long said that most of the world's ills are caused by "liquor and leverage."

????In any case, Weschler has in Peninsula's history produced a dazzling record, which in his letters to partners he compares to four benchmarks -- not only to the standard comparatives like the Dow Jones Industrial Average and the S&P 500, but also to none other than Berkshire B stock.

????For partners who invested with Peninsula in early 2000, the fund at the end of 2011's first quarter had delivered a total gain of 1236% (a percentage so large it looks like a typo, but isn't). In contrast, Berkshire B had gained a mere 146%.

????Weschler's investment style has been to own only a few stocks and to stay with them -- a modus operandi sure to have endeared him to Buffett, whose style is the same. Peninsula's latest 13F filing, for the quarter ended in June, showed the fund holding 9 stocks.

????The three biggest positions were W.R. Grace ($412 million), DaVita ($368 million), and DirectTV ($328 million). DaVita runs kidney dialysis centers. W.R. Grace is in bankruptcy, but its stock trades actively in the market.

????The parameters of Weschler's about-to-be position at Berkshire were in effect spelled out in Buffett's letter in this year's annual report. Weschler (as is the case with Todd Combs) will have the opportunity to invest $1 billion to $3 billion of Berkshire's money. Buffett, meanwhile, will continue to be Berkshire's major domo investor.

????Buffett expects Weschler to begin working at Berkshire in several months, perhaps in February. Weschler has told Buffett he will keep his home (just built) in Charlottesville, but will secure an apartment in Omaha and plan to be at Berkshire several days a week.

????So private meetings with Buffett are likely to be the new norm for Weschler. Maybe that means he won't be bidding this year in the Glide auction -- or does it?

????The writer of this article, a FORTUNE senior editor-at-large, is a Berkshire Hathaway shareholder, a long-time friend of Warren Buffett's and the pro bono editor of his annual chairman's letter.







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最佳評(píng)論

@關(guān)子臨: 自信也許會(huì)壓倒聰明,演技的好壞也許會(huì)壓倒腦力的強(qiáng)弱,好領(lǐng)導(dǎo)就是循循善誘的人,不獨(dú)裁,而有見地,能讓人心悅誠服。    參加討論>>
@DuoDuopa:彼得原理,是美國學(xué)者勞倫斯彼得在對(duì)組織中人員晉升的相關(guān)現(xiàn)象研究后得出的一個(gè)結(jié)論:在各種組織中,由于習(xí)慣于對(duì)在某個(gè)等級(jí)上稱職的人員進(jìn)行晉升提拔,因而雇員總是趨向于晉升到其不稱職的地位。    參加討論>>
@Bruce的森林:正念,應(yīng)該可以解釋為專注當(dāng)下的事情,而不去想過去這件事是怎么做的,這件事將來會(huì)怎樣。一方面,這種理念可以幫助員工排除雜念,把注意力集中在工作本身,減少壓力,提高創(chuàng)造力。另一方面,這不失為提高員工工作效率的好方法??赡芎笳呤歉鞔驜OSS們更看重的吧。    參加討論>>


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