NEW YORK (TheStreet) - Warren Buffett's investing lieutenants, Ted Weschler and Todd Combs, appear increasingly enthusiastic aboutLiberty Global (LBTYA) after boosting Berkshire Hathaway's (BRK.A) investment in John Malone's European cable company in the first quarter.

Liberty Global has recently caught the eye of prominent hedge fund investors, who view the John Malone-founded company as way to profit from trends in the U.S. broadband and wireless market.

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Some hedge funds expect that consolidation efforts currently underway in the wireless and cable market in the U.S. will move across the Atlantic to Europe. They see Liberty Global as a prime takeover target for large telecom conglomerates such as Comcast (CMCSA), AT&T (T) and Vodafone (VOD). Meanwhile, Malone has emerged as a careful steward of Liberty Global's purse strings and may have expanded smartly in European cable and broadband markets just ahead of a surge in user activity.

In February, Berkshire disclosed it had built a nearly 3 million share stake in Liberty Global's Class A shares worth just under $300 million. That disclosure, made in a fourth quarter filing with the Securities and Exchange Commission, was seen as a bet made by Berkshire Hathaway's up-and-coming investing guru's Ted Weschler and Todd Combs.

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Why Warren Buffett Really Likes Malone's Liberty Global