Will an Indian succeed Warren Buffett?
Legendary investor Warren Buffett has blamed himself
for making certain "dumb" investment decisions last year and has
hinted at India-born Ajit Jain becoming the possible successor for his
businesses.
Showering praise on Ajit, who handles the reinsurance division, Buffett noted that there is no one like him and added that his business is "never the same".
"Ajit came to Berkshire in 1986. Very quickly, I realised that we had acquired an extraordinary talent. So I did the logical thing: I wrote his parents in New Delhi and asked if they had another one like him at home.
A former McKinsey executive, Ajit is looking after the reinsurance division, "headquartered in Stamford and staffed by only 31 employees". Noting that this business may be one of the most remarkable in the world, the billionaire investor said that it is hard to characterise but easy to admire.
"From year to year, Ajit's business is never the same. It features very large transactions, incredible speed of execution and a willingness to quote on policies that leave others scratching their heads. When there is a huge and unusual risk to be insured, Ajit is almost certain to be called," Buffett pointed out.
He pointed out that "a series of life-threatening problems within many of the world' s great financial institutions was unveiled" last year.
Showering praise on Ajit, who handles the reinsurance division, Buffett noted that there is no one like him and added that his business is "never the same".
"Ajit came to Berkshire in 1986. Very quickly, I realised that we had acquired an extraordinary talent. So I did the logical thing: I wrote his parents in New Delhi and asked if they had another one like him at home.
A former McKinsey executive, Ajit is looking after the reinsurance division, "headquartered in Stamford and staffed by only 31 employees". Noting that this business may be one of the most remarkable in the world, the billionaire investor said that it is hard to characterise but easy to admire.
"From year to year, Ajit's business is never the same. It features very large transactions, incredible speed of execution and a willingness to quote on policies that leave others scratching their heads. When there is a huge and unusual risk to be insured, Ajit is almost certain to be called," Buffett pointed out.
He pointed out that "a series of life-threatening problems within many of the world' s great financial institutions was unveiled" last year.
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