Warren Buffett's deputy grew his retirement account from $70,000 to $264 million...
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Warren Buffett's deputy grew his retirement account from $70,000 to $264 million in under 30 years. He explained how to save a fortune, and why shrugging off losses is key.
Warren Buffett's deputy grew his retirement fund from $70,000 to $264 million within 30 years.
Ted Weschler shared his strategy and some tips for savers during an interview in the fall of 2021.
Weschler discussed how he deals with losses, and spoke about his role at Berkshire Hathaway.
Warren Buffett's deputy grew his retirement fund from $70,000 to $264 million in under 30 years. He detailed how he did it, shared his method for shrugging off investment losses, and offered tips on saving for retirement in a Washington Post interview in the fall of 2021.
Ted Weschler, who helps Buffett manage Berkshire Hathaway's investment portfolio, discussed his approach with a columnist named Allan Sloan. ProPublica first disclosed the size of Weschler's nest egg in June 2021, citing federal tax returns it obtained.
"In a perfect world, nobody would know about this account," Weschler told Sloan in an email, adding that he hoped the revelation would motivate people to start saving and investing early in their careers.
The investor opened his individual retirement account (IRA) in 1984. He was 22 and earning a salary of $22,000 a year as a junior financial analyst at WR Grace, a chemicals company. Maximizing his contributions and capitalizing on a generous employer match, he grew his account to over $70,000 by the end of 1989 — the year he quit his job to start a private-equity firm, and transferred his savings into a self-directed IRA under his control.
Weschler went on to launch a hedge fund in 2000, which delivered after-fee, compounded annual returns of 22% for its clients between 2000 and 2011. He joined Berkshire in 2012 after shelling out $5 million to join Buffett for his annual charity lunch in 2010 and 2011.
The investor's retirement fund ballooned in value by more than 300,000% between 1989 and 2018, despite his IRA shedding 52% of its value in 1990 after two key holdings tanked that year. Weschler brushed off the unrealized loss by focusing on learning from it.
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