11/15/2010 05:14 pm ET Updated May 25, 2011

Todd Combs, Warren Buffett's Potential Successor, Arrives In Omaha

In the board's business sessions, Buffett says, he clarified what role Combs will be playing when he reports for work in January. The backstory here concerns Berkshire's October 25th press release in which Buffett, announcing Combs' hiring, indicated that Combs would be running "a significant portion" of Berkshire's money. That wording, plainly imprecise, led some media commenters to believe that Combs was going to be handling megabillions of Berkshire's huge investment portfolio, which at the end of September was $113 billion in size.

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