Ted Weschler
FOLLOWBerkshire Hathaway
Grew IRA from $70K to $264M; exceptional record but positions buried in Berkshire's 13F, limiting real-time tracking utility.
Buffett/Munger Disciples
Current Portfolio
2025-Q4 · 110 positions · Filed 2026-02-17
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | AXP | $55.1B | 20.1% Est. ~19.1% of total Conviction |
| 2 | AAPL | $21.9B | 8.0% Est. ~7.6% of total |
| 3 | KO | $19.8B | 7.2% Est. ~6.8% of total |
| 4 | BAC | $17.1B | 6.2% Est. ~5.9% of total |
| 5 | AAPL | $16.7B | 6.1% Est. ~5.8% of total |
| 6 | OCCIDENTAL PETE | $10.9B | 4.0% Est. ~3.8% of total |
| 7 | H1467J104 | $10.7B | 3.9% Est. ~3.7% of total |
| 8 | AAPL | $9.4B | 3.4% Est. ~3.3% of total |
| 9 | CVX | $9.4B | 3.4% Est. ~3.2% of total |
| 10 | KO | $7.9B | 2.9% Est. ~2.7% of total |
| 11 | BAC | $6.9B | 2.5% Est. ~2.4% of total |
| 12 | MCO | $6.4B | 2.4% Est. ~2.2% of total |
| 13 | MCO | $6.1B | 2.2% Est. ~2.1% of total |
| 14 | KO | $5.6B | 2.0% Est. ~1.9% of total |
| 15 | GOOGL | $5.6B | 2.0% Est. ~1.9% of total |
| 16 | CVX | $5.0B | 1.8% Est. ~1.7% of total |
| 17 | AAPL | $4.2B | 1.5% Est. ~1.5% of total |
| 18 | AAPL | $3.9B | 1.4% Est. ~1.4% of total |
| 19 | V | $2.9B | 1.1% Est. ~1.0% of total |
| 20 | CVX | $2.7B | 1.0% Est. ~0.9% of total |
Allocation
Non-US Holdings
Estimated ~5% of total portfolio is outside US-listed securities
$300.0B
Est. Total AUM
$274.0B
US 13F Value
5%
Non-US Estimate
| Company | Country | Est. Value |
|---|---|---|
| BYD Company (held via subsidiary) | China | $6.0B |
| Various Japanese trading companies (5 sogo shosha) | Japan | $23.0B |
Berkshire's 13F covers nearly all public equity holdings. Non-US exposure is minimal in the equity portfolio — primarily through US-listed ADRs and some BYD shares held via a subsidiary. The vast majority of Berkshire's non-US value comes from wholly-owned operating subsidiaries (not public equities).
Sources: Annual reports, 10-K filings, Shareholder letters
Recent Changes
2025-Q4 vs 2025-Q3Portfolio +2.5%
| Action | Ticker | Shares Change | Value Change |
|---|---|---|---|
| NEW | LLYVK | +10.9M | +$907.9M |
| NEW | LLYVK | +5.0M | +$406.4M |
| NEW | NYT | +5.1M | +$351.7M |
| NEW | FWONB | +3.0M | +$297.4M Est. bought $83.96–$96 |
| SOLD | FWONB | -10.9M(-100%) | $-1.1B |
| SOLD | FWONB | -5.0M(-100%) | $-470.2M |
| SOLD | FWONB | -3.0M(-100%) | $-315.3M |
| INCREASED | H1467J104 | +2.9M(+9%) | +$1.8B |
| INCREASED | CVX | +8.1M(+7%) | +$881.7M Est. bought $146.75–$157.72 |
| INCREASED | DPZ | +368K(+12%) | +$109.0M |
| DECREASED | AMZN | -7.7M(-77%) | $-1.7B |
| DECREASED | AAPL | -10.3M(-4%) | +$1.3B |
| DECREASED | BAC | -50.8M(-9%) | $-855.5M |
| DECREASED | DVA | -402K(-1%) | $-665.0M |
| DECREASED | POOL | -390K(-11%) | $-370.5M |
| DECREASED | AON | -497K(-12%) | $-190.6M |
| DECREASED | STZ | -400K(-3%) | $-11.1M |
| DECREASED | ATLANTA BRAVES | -108K(-48%) | $-4.7M |
| DECREASED | LILAB | -234K(-9%) | $-4.1M |
Score Breakdown
Investment Philosophy & Portfolio Style
Philosophy
Value-oriented with a quality bias. Focuses on businesses with durable competitive advantages, strong management, and attractive valuations. More willing than Buffett to invest in technology and healthcare. Known for deep due diligence -- will spend months researching a single company. Patient capital deployer with multi-year holding periods. Has described his approach as finding businesses where the downside is limited and the upside is substantial. Influenced by Buffett and Munger but has his own distinct style, leaning slightly more growth-oriented.
Portfolio Style
Moderately concentrated. Manages a portion of Berkshire's portfolio with positions typically in the $1-5B range. Known positions attributed to him include DaVita, Liberty Broadband/Liberty Media, Charter Communications, and more recently some tech-adjacent names. Willing to hold positions for many years. His personal IRA track record suggests even more concentrated personal investing. At Berkshire, somewhat constrained by the size of capital ($15-20B) but still runs a focused book.
Background
Born 1961. Worked at W.R. Grace and then at Quad-C Management (a private equity firm) before founding Peninsula Capital Advisors in 1999. Ran Peninsula until joining Berkshire Hathaway in 2012 as one of Buffett's two portfolio managers (alongside Todd Combs). Famous for growing his IRA from ~$70,000 in 1989 to over $264 million by 2012 -- a ~30% annualized return over 23 years, entirely within a tax-advantaged account. Won two charity lunch auctions with Buffett (2010, 2011) for ~$5.25M total, which led to his hiring. Manages roughly $15-20B of Berkshire's equity portfolio.
Track Record
Outstanding. The IRA track record (70K to $264M+ over 23 years) is one of the most remarkable documented individual investment records. At Berkshire, performance attribution is harder since individual picks are not publicly separated from Buffett's and Combs'. Peninsula Capital reportedly generated strong returns (~1,236% cumulative vs 146% for S&P 500 from 2000-2011). Some reports suggest his Berkshire portfolio has underperformed the S&P 500 in recent years, but this is difficult to confirm given lack of public attribution.
Notable Holdings
DaVita (kidney dialysis -- long-term Berkshire position often attributed to Weschler), Liberty Broadband, Liberty Media, Charter Communications. Some healthcare and fintech positions. Exact attribution within Berkshire's $300B+ equity portfolio is speculative.
Transparency & Integrity
Transparency(Score: 3/10)
Low-moderate. No public letters or interviews. His positions are embedded in Berkshire's 13F, making attribution difficult. Occasionally mentioned in Berkshire annual meeting Q&A. The IRA story is well-documented. Does not seek publicity. Buffett has praised him publicly but Weschler himself is very private.
Integrity(Score: 9/10)
Very high. Buffett's willingness to entrust him with tens of billions is a strong endorsement. No scandals or controversies. The charity auction approach to meeting Buffett (paying $5.25M for two lunches) shows both confidence and willingness to put money where conviction is. Known as deeply honest and straightforward.
Relevance to Us
High. His philosophy -- limited downside, substantial upside, deep research, long holding periods -- aligns well with ours. The IRA track record demonstrates what concentrated, patient value investing can achieve over decades. His willingness to look at healthcare and technology expands the idea set. Main limitation: very low transparency since his picks are buried in Berkshire's 13F, making it hard to follow in real-time.