This is all guesswork, but it would not shock me if Mr. Combs stayed at GEICO and Mr. Weschler hung around for a respectful interval and then found something more interesting to do.

This has long been my view.

Todd enjoys spending lots of time reading (like Buffett), has moved to Omaha, and is also being groomed for business management roles - e.g. via Geico, board memberships. I judge him a Berkshire lifer with options.

Ted flys every Sunday to Omaha, spends two 18 hour days (his words) working on investments and assignments by Buffett, and then returns to Virginia. He himself pays for his commuting via NetJets, spending more than his annual fixed salary without even taking apartment costs into consideration. He has a wider range of interests than Todd. I believe he will stick around long enough to help see Berkshire through the transition period, and maybe longer if he enjoys keeping his hand in the investment game. Working for Berkshire frees him from the "non-fun" chores of raising capital and hold nervous investors hands during market turmoil. But I ultimately think he will spend most, and ultimately all, of his time as a Virginia gentleman with his family. He maintains his Virginia roots.

I don't see this as clear-cut as I did the choice between Abel and Ajit for CEO. Abel was already centered in the Mid-West, and an operations guy used to managing many people/activities. Ajit preferred living in NYC, was an insurance expert, and had never managed a large number of people or a wide range of businesses. I'm sure Ajit would have made a capable CEO if he was needed to fill Buffett's shoes. But with Abel available, the choice seemed obvious. And it was.

I do think Abel would be wise to include Ted and Todd on the stage along with himself and Ajit in future annual meetings. Todd has excellent insights into business. And Ted has the personality, if anyone does, to somewhat replace Buffett. So while they won't comment on specific investments, they have a world of information to share.

Just my thoughts.