Buffett Watch

$5.3M Dinners With Warren Buffett Lead to Dream Job for Money Manager

Ted Weschler
Photo: Janis Jaquith

A portfolio manager who paid a total of $5.3 million for two meals with Warren Buffett has just been hired to help pick stocks at Berkshire Hathaway.

In a news release this morning, Buffett's company says 50-year-old Ted Weschler of Charlottesville, Va., will join Berkshire early next year. He is currently managing partner at the hedge fund he started in 2000, Peninsula Capital Advisors.

Weschler joins 2010 Berkshire addition Todd Combs as a portfolio manager.

And in an unusual twist, Fortune's Carol Loomis revealsthis morning that Weschler met his new employer by winning Buffett's annual charity "Power Lunch" auction for the past two years. (Proceeds go to San Francisco's .)

Until today, the name of the winning bidder for 2010 and 2011 had been kept confidential.

Weschler paid $2,626,311 last year, and then won again this year with a slightly higher $2,626,411 bid. He could have gotten the lunch for less, but he wanted to top his own record bid the year before.