Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Ted Weschler Follows Buffett Rule of Low Pay

Ted Weschler, the new portfolio manager of Berkshire Hathaway, follows “the Buffet rule” of receiving less pay and a higher tax rate.

Ted Weschler, who is known for paying $5.3 million to have two meals with Buffett, will receive significantly less than he was making in his small, but successful hedge fund based in Charlottesville, Va.

Warren Buffett

Ted Weschler is also giving up a significant tax break of paying 15% capital gains rate, instead being taxed at the 35% income level as an employee. Ted Weschler’s decision arrives on the heels of President Obama’s proposal to raise taxes for the super rich in what has become known as the “Buffett Rule.”

Warren Buffett has advocated for tax increases on the upper echelons of income, indicating that the uber-wealthy are not taxed enough. Buffett currently manages most of Berkshire Hathaway’s funds, but has indicated that he will retire next year.

Berkshire Hathaway did not make major moves in the second quarter but held their primary holdings of Coco-Cola Co, American Express, and Proctor & Gamble Co. Last quarter, Berkshire did up their stake in Wells Fargo by 3%, bringing them to 352 million shares.

Ted Weschler will join Berkshire Hathaway (see fund’s holdings here) early next year and manage equity investment with Todd Combs, who was hired last year.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.