Is Ajit Jain the next "superstar" for Warren Buffett?
He was also quoted as saying, "I'm a retard for coming to India so late. India is not an emerging market, it is a big market".
Buffett has even gone to the extent of saying, "I owe it to the people of India for sending Ajit Jain (to me) ... he is much smarter than what I am." Buffett left no stone unturned to shower praises on the Indian professional who is increasingly rumoured as the next-in-line to take over Buffett's massive business empire that includes the investment conglomerate Berkshire Hathaway and other investment interests in American and blue chip companies.
After the media bombarded Buffett on his maiden visit to India on who would be a likely successor, he said in a lighter vein, "He (Jain) is not looking to take my job ... but he is an extraordinary person. On a Saturday in 1985 (when I first met him), I was looking at him and I knew I was talking to a person of incredible talent. He (Jain) loves what he does ... he is extraordinary in business, he is an extraordinary human being ... he is remarkable."
Following Buffett hinting that he wanted to retire soon, there were fervent talks on who would succeed him. Among the probables include the Chairman of NetJets and MidAmerican Energy David Sokol, Geico CEO Tony Nicely, MidAmerican Energy CEO Greg Abel, and Burlington Northern Santa Fe CEO Matt Rose.
Buffett just couldn't stop praising Ajit Jain's immense talent and integrity towards his profession and said, "He is like a brother, like a son and excels in every single task he takes ... he has been more than generous throughout his career. He could have made more money outside Berkshire, but he was unbelievably hardworking, smart and could have probably made more money for Berkshire than I have."
So,
who
is
Ajit
Jain,
the
"superstar"?
The
Orissa
lad
who
studied
at
IIT-Kharagpur,
Ajit
Jain
worked
with
IBM
and
McKinsey
and
Co
before
joining
Buffett's
huge
empire.
He
had
limited
knowledge
of
the
insurance
business
then,
but
quickly
rose
to
the
top
with
his
dedication
and
hard
work.
In
an
annual
letter
written
to
share
holders
by
Buffett
said
that
Jain
was
instrumental
in
adding
billions
of
dollars
to
the
value
of
Berkshire
Hathaway
and
called
him
a
superstar.
Jain
who
has
been
heading
the
reinsurance
business,
for
the
last
25
years
is
considered
the
most
apt
choice
for
the
coveted
position
though
Buffett
has
not
named
him
as
yet.
"Ajit (Jain) insures risks that no one else has the desire or the capital to take on. His operation combines capacity, speed, decisiveness and, most importantly, brains in a manner that is unique in the insurance business," he added in the letter. He also lauded him for what he has done for the company, "In the past year, Ajit has significantly increased his life reinsurance operation, developing annual premium volume of about USD 2 billion that will repeat for decades."
OneIndia News