CNBC Interviews Buffett's Inner Circle: “Investing Is All About Turning Over A Lot Of Stones.”
“Knowledge is cumulative,” said Buffett. “And even what you’re learning about Company A will help you [when] thinking about Company B.”
On March 3, 2014, CNBC brought together three names that Berkshire Hathaway shareholders had been watching closely: Todd Combs, Ted Weschler, and Tracy Britt Cool. The so-called “Three T’s” represented — at the time — the next generation for the conglomerate. Honestly, it felt like a glimpse into Berkshire’s future.
But, in hindsight, it was a moment frozen in time.
Two of the three have since left Berkshire, making this one of the very few chances we ever got to hear from them all together. Consider it a fascinating time capsule. Enjoy!
Becky Quick: We have a rare interview with Berkshire Hathaway investment managers Todd Combs and Ted Weschler — plus Tracy Britt Cool, who is Warren Buffett’s financial assistant. All three of them are here. This is a rare treat because I don’t think you three have ever sat down together for an interview, have you?
All: No. This is the first one. (Laughs)
Quick: I’d love to hear why you chose Berkshire Hathaway — and how you found your way to Berkshire because each of you had a very different path. Todd, let’s talk a little bit about when you first talked to Buffett. When did that happen?
Todd Combs: Well, I reached out to Charlie and we had a series of conversations over the course of several months before, one day, I was out visiting in L.A. and he said — out of the blue after a three- or four-hour breakfast — in classic Charlie style, that Warren would really like to meet me. Not that I’d really like to meet Warren. (Laughs)
He went on for about five or ten minutes about how much Warren would like to meet me and so forth. So I came out to Omaha and Warren and I spent the day together talking about everything from baseball to business and insurance.
It was just very interesting.
Quick: You’ve moved your whole family to Omaha. When did you move?
Combs: That’s right. After I joined, the kids finished out the year in school back in Connecticut and we moved the entire family out right after I joined. So we’ve been out here, I guess, coming up on about three years now. It’s been wonderful.
Quick: And you guys love Omaha.
Combs: Absolutely. My wife and the kids all love it. It’s been an absolutely wonderful experience. Omaha is a great town — and the people really make it [that way]. It’s just been an excellent experience.
Quick: Ted, I love your story, too, for how you came here. Over the course of two years, you paid $5.3 million for two lunches with Warren. How did that happen?
Ted Weschler: Donated $5.3 million. (Laughs)
Warren Buffett: I like your rendition. (Laughs)
Weschler: I had been reading Warren’s letters probably since 1979 when I started college. It was kind of a bucket list thing for me, that I always wanted to meet the guy. And, as you know, the GLIDE Foundation, a terrific charity in San Francisco, does an annual auction [for a lunch with Buffett].1
I wanted to know more about GLIDE, so I actually spent half a day out at GLIDE, understanding the charity. I thought, “Hey, this is a terrific charity. They really help the otherwise helpless.” And I bid on the auction and ended up winning.