So Warren Buffett has finally named his successor--or at least, told us who's leading the running. His name is Todd Combs, a 39-year old hedge fund manager from Darien, Connecticut who got the (sort-of) job the old-fashioned way: he applied for it. Very little is known about him beyond some broad biographical details, and the recent performance of his fund.
"If we had a good way to inject someone into some role that would make them a better CEO of Berkshire, we'd do it, but the candidates we have right now are running businesses, making decisions, getting experience. To bring them in to the Berkshire offices while I'm sitting there reading would be a waste of talent."One theory is that it was to reassure his investors that he has a plan--but if so, it backfired; shares fell about 1% on the news.