Buffett heaps praise on potential successor Jain

OMAHA, Nebraska | Sat Apr 30, 2011 3:22pm EDT

OMAHA, Nebraska (Reuters) - 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.

(Reporting by Ben Berkowitz; Editing by Toni Reinhold)

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Comments (2)
ExRepublican2 wrote:
Wealthy people have lost sight how to energize the economy. Example: Donald Trump avers (view his MTV roasting) to have 7 Billion Dollars and if he would just spend one billion back into the economy. Bill Gates, who has 92 Billion Dollars could spend 5 Billion dollars back into the economy, Warren Buffet, who has 47 Billion Dollars spend five billion back into the economy and there are countless other billionaires, millionaires who could spend billions or millions back into the economy. Those dollar amounts wouldn’t affect them at all. But they won’t do it, because they have to make money investing it instead. Another example: CEOs who would rather accept a 5 to 25 million dollar bonus instead of using that money to save their employee’s jobs. You see America, the wealthy are not in it for the working class, but would rather lay you off and accept their bonuses. The economy would recover if only ‘all of the wealthy people’ started spending some of their wealth. God knows the middleclass doesn’t have enough money to spend any more.

Apr 30, 2011 4:42pm EDT  --  Report as abuse
Alfred.Brock wrote:
Figures. It is a shame that the older generation has decided to divest this nations resources, finances and future for a fast buck – and look what you get – he’s 81 years old. He’s making inane statements about a wide variety of things he can’t possibly fully grasp. His underlings are getting caught with their hands in the cookie jar – and where do you think they learned it? Competition? Fair competition? Ha, ha, ha… In my opinion he is going to the grave heaped with sin. What a sad and sorry affair.

Apr 30, 2011 10:11pm EDT  --  Report as abuse
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