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Buffett heaps praise on potential successor Jain

Warren Buffett lavished praise on his reinsurance chief Ajit Jain on Saturday, saying the man many investors hope will succeed Buffett was devoted to Berkshire Hathaway and his work.

May 02, 2011 / 11:50 AM IST

Warren Buffett lavished praise on his reinsurance chief Ajit Jain on Saturday, saying the man many investors hope will succeed Buffett was devoted to Berkshire Hathaway and his work.


Jain has long been seen as one of the few Berkshire executives who might replace the "Oracle of Omaha" when he no longer leads the conglomerate. With the investing scandal around former Buffett lieutenant David Sokol, many large investors now see Jain as the top choice.


"I can't think of any decision Ajit Jain has ever made that I could make better," Buffett told the tens of thousands of shareholders in Omaha for Berkshire's annual meeting. "To an extraordinary degree, he thinks about Berkshire first."


Buffett also compared Jain to his business partner, Berkshire vice chairman Charlie Munger, saying both were highly rational thinkers.

Buffett has never been reserved in his praise for Jain, but shareholders are paying closer attention now that Sokol, once seen as Buffett's heir apparent, is out of the picture. Investors gave Buffett a round of applause when he finished praising Jain.

first published: May 1, 2011 10:11 am

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