Lou Simpson, the Chicago-based investor with such a stellar track record he once was considered the successor to Warren Buffett, is retiring at the end of the year after decades managing Geico’s investment portfolio.

Geico is owned by Buffett’s investment vehicle, Berkshire Hathaway. Simpson, 73, who grew up in Highland Park, is the only person other than Buffett who controls Berkshire investments.

“I wish he weren’t” retiring, Buffett told me. “Obviously, I would keep him employed till he was 100. I was very surprised when he called me a month ago and said, ‘At 74, I’d just as soon turn it over to somebody else.’ It was not a happy day at Berkshire. But I’m happy for him.” Get the full story »