Wally Weitz has arguably long been Omaha’s second-most-famous value investor, after a guy named Warren Buffett.
Now Weitz appears set to lend his own thoughts and expertise to Buffett by joining the board of directors of Buffett’s Berkshire Hathaway.
Weitz’s nomination was announced by Berkshire in its annual proxy statement ahead of the company’s April 30 annual meeting, and it will be voted on by shareholders there. Weitz would replace Tom Murphy, who recently resigned from the 15-member board.
Weitz founded Weitz Investment Management in 1983 and currently serves as co-chief investment officer of the Omaha firm that manages more than $4 billion in assets.
Quietly, over many years, Weitz carved out his own niche in the world of value investing — picking stocks that appear to be trading for less than their intrinsic or book value. And he has long attributed part of his success to applying lessons learned by observing Buffett and his methods.
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“I consider him a mentor,” Weitz said in 2014. “But while we see each other from time to time, I have learned mainly from watching what he does with Berkshire and reading his letters.”
At 72, Weitz is 19 years younger than the 91-year-old Buffett. He is a New Orleans native who began his investment career as a securities analyst in New York. He and his wife, Barbara, decided that her hometown of Omaha was a better place to raise children, so they made the move in 1973.
He initially worked for investment firm Chiles Heider before founding his own firm. Before long, he began attracting national attention with his impressive returns.
He and Barbara, now a member of the University of Nebraska Board of Regents, also formed a family charitable foundation in 2000 that works to alleviate poverty in Omaha.
Weitz would be considered an independent director for Berkshire. At least half of Berkshire’s directors must be independent.
“Wallace Weitz brings to the board his substantial financial experience as an investor in public companies and as a director of a public company,” Berkshire said in its filings.
Weitz would also obviously add to Berkshire’s Omaha ties. Buffett has long said that after he is gone, the board should keep Berkshire rooted in his hometown.
Buffett last fall named daughter Susie to Berkshire’s board, making her the third member from the Buffett family, along with her father and brother, Howard.
Warren Buffett said at the time that Susie’s appointment would help preserve Berkshire’s unique culture long after he is gone.
Weitz can play that role, too. He has long been a fan of Berkshire culture, which is one of the reasons that Berkshire’s stock has been a major holding in his firms’ funds from the beginning.
A year ago, he called Berkshire an example of the kind of company he always looks for: one that “seeks to serve all of its constituencies — shareholders, employees, customers and communities — in a socially responsible and sustainable manner.”
Our best Omaha staff photos & videos of March 2022

Kamirah Cox, 8, and Ty'Nell Qualls, 11, play as the sunshines outside Qualls' home on North 47th Avenue in Omaha on Monday.

Fremont's Taylor McCabe and Millard North's Jasen Green, captains of the Omaha World-Herald 2022 All-Nebraska girls and boys basketball teams.

Two people on Capitol Avenue walk east toward 14th Street on the north side of what was once Union Pacific’s headquarters Saturday.

UNO's Maggie O'Brien celebrates a strikeout by Wichita State's Neleigh Herring to end the first inning on Wednesday.

UNO's Sydney Ross, (in batting helmet) and Olivia Aden, right, react to a series of walks by Wichita State in the 7th inning on Wednesday.

Eugenia, a female calf born in early January, was the first elephant to be born at Omaha’s Henry Doorly Zoo & Aquarium.

Bellevue West's Josiah Dotzler (22) gets caught between Omaha Creighton Prep's Casey OMalley (10) and Joshua Townley-Thomas (21) in the Bellevue West vs. Omaha Creighton Prep boys basketball NSAA state semifinal game in Lincoln on Thursday.

Gretna heard coach Brad Feeken talks to his team between quarters in the Millard North vs. Gretna boys basketball NSAA state semifinal game in Lincoln on Thursday. Millard North won the game 58-43.

Nebraska's Casey Thompson gives an interview in the concourse at Memorial Stadium on Wednesday.

Omaha Central's Ital Lopuyo (22) blocks a shots by Lincoln Southwest's Alexa Gobel (21) in the Omaha Central vs. Lincoln Southwest girls basketball NSAA state quarterfinal game in Lincoln on Monday.

Britt Prince, a sophomore and the state girls basketball scoring leader, in her home gym at Elkhorn North High School in Omaha on Thursday, March 03, 2022.

Creighton's Ryan Kalkbrenner dunks during their game against UConn at CHI Health Center in Omaha on Wednesday.

Creighton's Ryan Kalkbrenner (left) battles UConn's Adama Sanogo for a rebound during their game at CHI Health Center in Omaha on Wednesday.

Bellevue East players celebrate their A-7 district final win against Millard North at Bellevue East High School in Bellevue on Tuesday.

Bellevue East's Mya Skoff (right) holds her face as Jayla Wilson shoots a free throw late in the 4th quarter of their A-7 district final against Millard North at Bellevue East High School in Bellevue on Tuesday.

Creighton's Ryan Kalkbrenner celebrates after scoring in the second half of their game against UConn at CHI Health Center in Omaha on Wednesday.

Omaha firefighters battle a brush fire on the grass south of eastbound Interstate 80 on Wednesday. Traffic was restricted during that time.

Omaha firefighters battle a brush fire on the grass south of eastbound I80 on Wednesday. Traffic was restricted during that time.

Sophie Wilson and her daughter Coco walk past "David with the Head of Goliath" on Wednesday.

Sebastian Moore, 11, rides his bike around the pond, still partially covered in ice, at Benson Park in Omaha on Tuesday. Highs were in the mid-70s Tuesday afternoon.

Fremont's McKenna Murphy cuts down her portion of the net after defeating Lincoln Southwest during a Class A state basketball tournament final at Pinnacle Bank Arena in Lincoln on Friday.

Iowa's Max Murin celebrates a win over Northwestern's Yahya Thomas during the 149-pound match.

Rachel Andrew sews in her workspace at her home in Lincoln on Thursday.

Seton Hall's Jamir Harris (left) and Creighton's Rati Andronikashvili battle for a loose ball during their game at CHI Health Center in Omaha on Saturday.

UNO's Eduardo Rosario hits a foul into his face during their game against Valparaiso at Tal Anderson Field in Omaha, Nebraska, on Friday, March 4, 2022. (AP PHOTO/OMAHA WORLD-HERALD, Eileen T. Meslar)

Lincoln Southwest's Aniya Seymore (center) celebrates after getting fouled during their semifinal game against Millard South at Pinnacle Bank Arena in Lincoln on Wednesday.

Lincoln High's Dyvine Harris (left center) and Ariana Hoagland celebrate after a Fremont foul during their semifinal game at Pinnacle Bank Arena in Lincoln on Wednesday.

Lincoln Southwest players celebrate after defeating Millard South in their semifinal game at Pinnacle Bank Arena in Lincoln on Wednesday.

Fremont's Sarah Shepard (left) battles Lincoln High's Dyvine Harris for a loose ball during their semifinal game at Pinnacle Bank Arena in Lincoln on Wednesday.

Omaha Skutt's Julia Connealy (left) battles Adams Central's Rachel Goodon for a loose ball during their semifinal game at Pinnacle Bank Arena in Lincoln on Thursday.

Omaha Roncalli Catholic players celebrate after defeating Omaha Skutt Catholic in their championship game at Pinnacle Bank Arena in Lincoln on Friday.

Humphrey/Lindsay Holy Family Head's Jacob Sjuts reacts after getting a foul with seconds left in a tied championship game against Grand Island Central Catholic at Pinnacle Bank Arena in Lincoln on Friday.

Grand Island Central Catholic cheerleader Gracie Joseph cheers during the championship game against Humphrey/Lindsay Holy Family at Pinnacle Bank Arena in Lincoln on Friday.

Humphrey/Lindsay Holy Family Head Coach Joe Hesse reacts during overtime of their championship game against Grand Island Central Catholic at Pinnacle Bank Arena in Lincoln on Friday.

Humphrey/Lindsay Holy Family's Ethan Keller (right) hugs Cooper Beller after winning their championship game against Grand Island Central Catholic at Pinnacle Bank Arena in Lincoln on Friday.

Elkhorn North players celebrate after winning their championship game against Omaha Skutt Catholic at Pinnacle Bank Arena in Lincoln on Saturday.