This morning, Warren Buffett, the billionaire investor who runs Berkshire Hathaway has announced the addition of hedge fund manager Todd Combs to his team. Combs, a 39 year old who runs a long/short financial services-focused hedge fund will join Berkshire immediately.
This news is quite interesting because at 80 years old, Buffett is in need of a successor to run the investment portfolio at Berkshire when he is no longer able to do so. Combs is an interesting choice and someone whose name I've never heard mentioned with Buffett's before. It will be interesting to see in what type of capacity Buffett chooses to put Combs, but if he has the Oracle's seal of approval, it's likely he'll play a significant role in portfolio management going forward.
How does this news impact Gen Y? When the world's greatest investor announces a new addition to his investment team and someone that's likely to play a large role in portfolio management at Berkshire in the future, you tend to listen. Even more interestingly, Mr. Combs is only 39 years old - could he be the next big star in the financial world?