Berkshire Hathaway Chairman and billionaire value investor Warren Buffett has described Ajit Jain, who oversees Berkshire's insurance businesses, as one of the best minds in the world.

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"I wrote to Jain's father after he worked for us for a few years, and said that 'if you've got another son like this, send him over from India because we'll own the world'," Buffett said while addressing the 55th annual general meeting (AGM) of Berkshire Hathaway.

Jain was absent from the AGM that was held on Saturday in Omaha, Nebraska, and telecast across the world.

Jain, an Indian American executive, has been among one of Buffett's most trusted lieutenants is known for his under-writing skill, or the the ability to assess which risk to insure and at what price.

That skill has helped Berkshire raise billions of dollars of low-cost capital through insurance premiums, also called float, which Buffett puts to use with his legendary business acumen.

This is not the first time Buffett has heaped praise on Jain, underlining the billions of dollars Berkshire has made thanks to Jain.

Famously, in a letter to shareholders, Buffett quipped that should he, his partner Charlie Munger and Ajit Jain be on a sinking boat, 'and you can save only one of us -- swim to Ajit'.

The Odisha-born Jain's name has often propped up as a possible successor in the absence of the 89-year-old Buffett and his 95-year-old partner Munger, both considered legends in the investing world.

At the meeting, Buffett highlighted Jain's importance as the one who oversees Berkshire's important insurance business while his other lieutenants Greg Abel, Todd Weschler and Todd Combs look after the investing side of things.

Buffett's comments from Omaha came after Berkshire Hathaway reported first-quarter earnings that showed he and his lieutenants built up the conglomerate’s cash stockpile and nibbled at equities during the violent stock market rout in March.

Buffett discussed coronavirus, bailouts, buybacks, investing, America's long-term prospects and other topics during the AGM.

He said that the company was sitting on its massive cash hoard because it had not found a company to buy at an attractive price. “We have not done anything, because we don’t see anything that attractive to do. Now that could change very quickly or it may not change.”

Berkshire had a record $137 billion in cash and equivalent instruments by the end of March, according to the company’s latest 10-Q filing.

First Published:May 4, 2020 7:11 PM IST