谁是巴菲特的神秘接班人？

Who is Mr Buffett's successor?

　　虽然巴菲特在80岁生日的时候，大声说还要工作到100岁。但是，早在2007年“股神”就表示，在其退休之后，他的职位将会由三名候选人接替。

Although buffett's birthday in 80,Said aloud to work until 100.but,As early as 2007"Strands of god"It said,After their retirement,His position will be replaced by three candidates.

　　事实上，伯克希尔的接班计划被视为美国现代企业史上最受人关注的接班过程之一。如今，这个“选秀”终于有了雏形。上周，《巴菲特致股东的信》披露了两个全新的名字库姆斯(Todd Combs)和韦斯特（Ted Weschler)，这两位基金经理此前并未出现在巴菲特的信中，不过，这次，巴菲特表示，他们非常优秀。

In fact,,Berkshire's succession plan is seen as a modern American business history one of the most watched succession process.now,this"The draft"Finally a prototype.Last week,,[Buffett's letter to shareholders]Mr. Combs unveiled two new names(Todd Combs)And the west(Ted Weschler),The two fund managers had not appeared in buffett's letter,but,This time,,Mr Buffett said,They are very good.

　　“能够得到这两位优秀的投资管理人，我感觉就像中了大乐透一样，在他们面前我逊毙了。”巴菲特说。2012年，这两位基金经理管理的基金业绩均高于标普500指数10%以上。

"Can be both an excellent investment manager,I feel like the brings in,I suck in front of them."Mr. Buffett said.In 2012,,The two fund managers management fund performance are higher than the s&p 500 index by more than 10%.

　　低调“避险王子” A low profile"Hedge the prince"

　　库姆斯(Todd Combs) Mr. Combs(Todd Combs)

　　2010年10月25日，巴菲特旗下的伯克希尔-哈撒韦公司发布新闻稿，宣布即将任命托德-库姆斯为该公司的投资经理。此前，库姆斯只是投资界众多脸谱中的无名小卒。

On October 25, 2010,Warren buffett's Berkshire hathaway company issued a press release,Announced he was appointed Todd combs - the company's investment manager.after,Mr. Combs is just a nobody in the investment community a multitude of faces.

　　其实在2007年初，巴菲特意外地发出了一则“虚位以待”的招聘启事，而库姆斯则是数百位应聘者之一。他的第一次申请以失败告终。而后，他又向伯克希尔副董事长查尔斯·芒格写信，要求与芒格进行会面。

In early 2007,Buffett issued a accident"Leave a seat vacant"The job Posting,While Mr. Combs was one of hundreds of candidates.His first application to fail.And then,He write to Berkshire vice chairman Charles munger,Requires a meeting with Mr. Munger.

　　芒格在一次采访中透露，“他的信里有某些东西引起了我的兴趣”。芒格与库姆斯的交流异常流畅，抑制不住兴奋的芒格随后向巴菲特打电话，说：“我肯定你会喜欢这个家伙。”他的才智和严谨正是伯克希尔的风格。

Mr. Munger said in an interview,"His letter has something caught my interest".Mr. Munger communication with Mr. Combs's abnormal fluid,Could not restrain excited munger later call to Mr Buffett,said:"I'm sure you will like this guy."His talent and rigorous style of Berkshire.

　　1993年从佛罗里达州立大学毕业后，他成为一个州立金融监管机构的分析师。2000年，库姆斯入读哥伦比亚商学院。通过参加“价值投资项目”（Value Investing Program）学到了确认和分析冷门股票的技巧。此后，他通过分析Copper Arch Capital LLC.公司持有的金融股进入对冲基金的世界。

After graduating from Florida state university in 1993,He became a state financial regulator analysts.In 2000,,Combs enrolled at Columbia business school.By taking part in"Value investment project"(Value Investing Program)Learn to identify and analyze out-of-favor stocks.Since then,He analyzes Copper Arch Capital LLC. The company in the financial sector to the world of hedge funds.

　　2005年库姆斯找到了新的机遇。总部位于康涅狄格州格林威治的Stone Point Capital提供3500万美元启动资金和一些运营资源，帮助库姆斯启动了他自己的基金Castle Point Management LLC。2005年-2010年五年间，库姆斯掌管着Castle Point资本公司。这家公司在2010年的累积投资回报率约为34%，而同期标普500指数则下跌5.1%。美国合众银行（U.S.Bancorp）是Castle Point持仓最大的股票之一，巴菲特的伯克希尔也持有该银行股票并出现账目亏损，但是库姆斯购买该股后却盈利了。这位后起之秀引起了巴菲特的注意。

In 2005, Mr. Combs to find new opportunities.Based in Greenwich, Connecticut, Stone Point Capital, offering $35 million in start-up Capital and some operating resources,Help Mr. Combs start his own fund Castle Point Management LLC.2005-2010 in five years,Mr. Combs runs the Castle Point capital company.In 2010, the company cumulative returns of about 34%,Compared with the standard &poor's 500 index fell 5.1%.U.S. bancorp(U.S.B ancorp)Castle Point is one of the largest stock holdings,Buffett's Berkshire hathaway also hold shares in the bank and account losses,But Mr. Combs but after buying the stock profit.The counterpart has attracted the attention of warren buffett.

　　巴菲特说：“他100%适合我们的文化。我们需要一种根深蒂固的文化，即使当公司创始人不在的时候也可以经得起考验。库姆斯在这方面是完美的人员。”在2006年和2007年，随着信贷市场泡沫越来越大，库姆斯发现在佛罗里达州不断放缓的房地产市场中存在建筑贷款问题，一些金融公司拥有大量的非流动性资产，并非常依赖于短期融资，可能会导致短期内资金枯竭。

Mr. Buffett said:"He 100% fit for our culture.We need a deeply rooted culture,Even when not the founder of the company can withstand test.Mr. Combs are perfect personnel in this area."In 2006 and 2007,As the credit market bubble is bigger and bigger,Mr. Combs in Florida slowing housing market problems in construction loans,Some financial companies with large amounts of illiquid assets,And relies heavily on short-term funding,Could lead to short term funding dried up.

　　库姆斯通过做空部分金融公司的股票，在市场崩盘时实现了盈利。到2006年年初，库姆斯已经在看空抵押贷款机构房利美(Fannie Mae)和房地美(Freddie Mac)。两年过后，这两家公司就将陷入大麻烦，并接受政府的救助。

Mr. Combs profited by betting against some financial stocks,Crumbled in the market.To the beginning of 2006,Combs have been bearish mortgage lenders fannie mae(Fannie Mae)And Freddie MAC(Freddie Mac).After two years,The two companies will be in big trouble,And accept the government's rescue.

　　库姆斯在预防下行风险方面要比发现巨大潜力股做得好。库姆斯的基金主要专注于银行、经纪公司和保险公司。据一位投资者说，从2005年11月成立以来，库姆斯基金的累计回报率为34%。库姆斯在其投资风格上也与哈撒韦十分类似。譬如二者都十分注重规避投资风险，2008年金融危机之后，巴菲特对接班人的一个最重要的要求就是，即便是从未见过的风险，也能预见并能成功规避。而库姆斯在金融危机中的表现凸显了他善于规避风险的天性。

Combs, found in potential downside risk prevention is better than well done.Mr. Combs's fund mainly focus on Banks/Brokers and insurance companies.According to one investor said,From since its establishment in November 2005,Mr. Combs fund cumulative returns of 34%.Mr. Combs in its investment style and hathaway is very similar.Both are very pay attention to avoid investment risk,After the 2008 financial crisis,Buffett is one of the most important requirements for replacement,Even have never seen a risk,Success can also anticipate and avoid.But Mr. Combs's performance in financial crisis underscores the risk averse nature.

　　神秘“多面手” mysterious"generalists"

　　泰德-韦斯特（Ted Weschler） Ted - David west(Ted Weschler)

　　与库姆斯循规蹈矩的受聘不同，泰德-韦斯特更像是含着金汤匙的空降兵。作为“股神”的铁杆粉丝，韦斯特连续拍下了2010年和2011年与巴菲特共进午餐的机会。为此，他花费将近530万美元。

Different from combs the prim employed,Ted - more like a west with a gold spoon airborne troops.As a"Strands of god"Of the fan,West continuous took in 2010 and 2011, have lunch with buffett.To do this,He spent nearly $5.3 million.

　　在被“股神”收归麾下之前，韦斯特驰骋资本市场多年并已经拥有自己的投资公司，而且投资表现优异。

In the"Strands of god"Starts calling before,Gallop west capital market for many years and have my own investment company,And the investment performance is excellent.

　　在1999年，韦斯特创立了自己的私人投资公司——半岛投资（Peninsula Capital Advisors, LLC）。在此之前，他曾就职于化学产品制造商W.R.Grace公司，之后曾成为私募股权基金公司Quad-C创始合伙人。毕业于宾夕法尼亚大学沃顿商学院，韦斯特掌握的能力使其在各种职位之间游刃有余。

In 1999,,West created their own private investment company, peninsula(Peninsula Capital Advisors, LLC).Before this,He had worked in manufacturer of chemical products W.R.G race,When he had become a private equity fund company Quad - C founding partners.Graduated from the university of Pennsylvania's Wharton school,West to master the ability to make its function between the various positions.

　　跟康布斯一样，韦斯特行事也特别低调。如果不是因为高价竞拍的表现，很多人也不会注意到韦斯特的公司及其不同凡响的业绩。从2000年到2011年第一季度，韦斯特的对冲基金报酬率达到1236%。正因为该业绩显示出韦斯特在投资领域的才干，才被巴菲特相中。

Just like combs,West is particularly low.If it were not for high price bidding,Many people will not notice the west and its outstanding performance.From 2000 to 2011 in the first quarter,West of the hedge fund return rate reached to 1236%.Because the results show the west talents in the field of investment,To be buffett phase.

　　与巴菲特一样神秘的是，韦特斯的投资风格鲜为人知。

Like Mr. Buffett is mysterious,Wei of little-known investment style.

　　一份文件显示，截至2011年第二季度末，半岛资本管理的资产规模达到20亿美元，但该基金仅持有9家公司的股票，包括卫星电视提供商DirecTV、特种化学产品制造商W.R.Grace公司，以及透析仪器制造商DaVita公司等。

A file shows,By the end of 2011 by the end of the second quarter,Peninsula capital assets under management to $2 billion,But the fund holds just nine companies stocks,Including satellite TV provider DirecTV/Manufacturers of special chemical products W.R.G race,And DaVita dialysis apparatus manufacturer, etc.

　　其中，我们可以发现韦斯特与巴菲特的相同之处，他们的投资组合都比较集中，并且坚持长时间持有几家公司的股票。

Among them,We can find that west in common with warren buffett,Their portfolios are concentrated,And adhere to long time hold a few shares.

　　另外，韦斯特还是个“多面手”。

In addition,West is a"generalists".

　　“他像乐团里能表演所有的乐器的人。”曾与韦斯特共同作为维吉尼亚国家银行董事会成员的史蒂夫·布莱恩说道。

"He like orchestra will perform all of the instruments."Once together with the west as members of the Virginia state bank board Steve Brian said.

　　事实上，在半岛投资韦斯特几乎包揽了所有的基本工作：寻找收购、资助它们、监督被收购公司的管理、设计补偿计划、分配商业实体的资金并从银行的角度去理解借贷和信贷市场。同时，他也擅长于为特殊情况比如破产的并购提供资金，管理长尾风险，利用定位、衍生品和温和的杠杆控制股票投资组合的风险。

In fact,,Investment in peninsula west swept almost all the basic work:Looking for acquisitions/Funding for them/Supervision of the target company's management/Design of compensation plan/Allocate money to business entities and to understand from the perspective of bank lending and credit markets.At the same time,He is good at funding of special circumstances such as bankruptcy, mergers and acquisitions,Long tail risk management,Use of positioning/Derivatives and mild lever to control the risk of stock portfolio.

　　2001年,韦斯特的老东家M.R.Grace公司遭工人起诉其生产制造的石棉制品会导致癌症和其它疾病。这家曾经拥有航运线和餐馆，经营了158年的老字号公司在重压下被迫宣布破产。这次，韦斯特主动出面帮忙解决困境。在他的努力下，公司找到了平衡工人与股东关系的方法，一年后Grace的股票攀升了40倍。

In 2001,,West of the old club M.R.G race by workers to Sue the company production of asbestos products will lead to cancer and other diseases.This once had a shipping line and the restaurant,Established firms in the business of in 158 under the weight was forced to declare bankruptcy.This time,,West initiative to help solve the dilemma.In his efforts,Company found the equilibrium relationship between workers and shareholders,A year later Grace stocks climbed for 40 times.

　　这种挖掘危机公司价值和达成交易的能力使得韦斯特在美国内布拉斯州奥哈马的伯克希尔有了独树一帜的风格。

The mining crisis the value of the company and the ability to deal makes the west in the United States the way for Nebraska hama, Berkshire has a unique style.

　　自从2012年1月份加入巴菲尔的公司到10月底，韦斯特已经收购了一个破产抵押业务，谈成了一项能推动伯克希尔公司更加深层次投资报刊发行的协议。

Since January 2012 to join the phil's company until the end of October,West has acquired a failed mortgage business,To negotiate a newspaper can push Berkshire more profound investment agreement.

　　“沃伦一直把韦斯特描述为一个投资经理，但事实上，韦斯特比沃伦他自己更出色，”《彭博社》的专栏作家施罗德说道。“他有丰富的资本管理背景，包括私募、兼并收购、创立公司并直接参与管理。”

"Warren has been described the west as an investment manager,But in fact,West than warren himself better,"[bloomberg]Columnist schroeder said."He has a lot of capital management background,Including private/Mergers and acquisitions/And to build a company directly involved in management."