Weschler was a two-time winner of a charity auction for the right to have lunch with Buffett, spending more than $5 million for the privilege. Combs says he first saw Buffett during an appearance at Columbia Business School, were Combs was a student and Buffett an alumnus.
The $21 billion the two managers run is still a pretty small slice of the $150-billion-plus in outside stock investments. The company's four biggest stock positions as of Dec. 31 — Wells Fargo, IBM, American Express and Coca-Cola — are all the boss' picks. But the surging value of Apple — and Berkshire's decision to rapidly expand its position — place it among Berkshire's top bets now that Buffett has put capital he runs alongside money first committed by Weschler.
Buffett told CNBC on Thursday that owning Apple is about the long term: "I don't own [Apple] because of what I think the earnings are going to be in the next three months or six months."
He also talked about Apple as a "consumer product" play, rather than tech-industry play, showing where the younger minds, more nimble in tech, have built a bridge to Buffett's large legacy investment in consumer stocks.
— By Tim Mullaney, special to CNBC.com