Ajith Jain likely to succeed Warren Buffet

New York: Blaming himself for some dumb investments he made last year, legendary investor Warren Buffet praised India born Ajith Jain, who handles Buffett's holding company Berkshire Hathaway's reinsurance division, saying that Jain is becoming the possible successor for his business. "There is no one like him and his business is never the same," Buffet said.

Buffet further mentioned, "Ajit came to Berkshire in 1986. Very quickly, I realized 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. Of course, I knew the answer before writing. There isn't anyone like Ajit."

"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.

On the current global economic downturn, Buffet said the economy would be in shambles throughout 2009. "During 2008, I did some dumb things in investments. I made at least one major mistake of commission and several lesser ones that also hurt," Buffet wrote in his annual letter to the shareholders.