Warren Buffett's Successors Got 2014 All Wrong
2014 didn't pan out so well for Warren Buffett's successors.
Berkshire Hathaway's Todd Combs and Ted Weschler both failed to beat the market this year, according to a Fortune report. Although Berkshire does not provide individual manager returns, Fortune calculated Combs' portfolio as down 0.3 percent.
Combs' biggest holding, Chicago Bride & Iron saw its share price decrease by half in 2014. Another losing bet was Combs' investment in Viacom, whose shares fell 15 percent.
Weschler's portfolio did better with a 6.7 percent increase, but still underperformed with the S&P 500 at over 11 percent. His biggest loss comes from General Motors shares falling 15 percent this year.
The disappointing returns come after another Fortune article that praised Combs and Weschler for their exceptional performance in the years leading up to 2014, who currently run over $14 billion out of $115 billion at Buffett's firm. Both beat the market in the previous two years, even outperforming Buffett's own investment, Fortune reported.