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> Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and

> Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.” > I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later. This made me laugh. I wish my hiring process was this robust! I'd be curious to know more about why he actually chose him.

james-redwood 5y ago
Buffett has mentioned on more than one occasion that Jain is a near genius, if not one. I remember watching him say that he’s one of the smartest people he’s ever met. Given Buffet’s wide network of people, Jain is clearly extraordinarily special, something that would have shined through in an interview.
newyankee 5y ago
If you were in India, the last name Jain is enough of a brand if you need someone who can grow the business. The community/ last name is synonymous with successful businesspeople.
- frontman1988 5y ago
  That isn't really the case. Jains are of all kinds. From monks to businessmen. He was probably hired because of his IIT + Harvard degree, not his surname.
  - User23 5y ago
    I’m sure you’re right, but every Jain I’ve ever met has been impeccably ethical which is an attractive trait in a person you’re asking to manage billions.
    - boeingUH60 5y ago
      You didn’t meet Naveen Jain :) https://www.wsj.com/articles/SB1061619270471300 https://www.wsj.com/articles/SB1061619270471300
vsareto 5y ago
>Ajit Jain is an older cousin of Anshu Jain, who was the former Co-CEO of Deutsche Bank. Connections >He did his schooling at Stewart School, Cuttack. In 1972, Jain graduated from the IIT Kharagpur in India with a BTech degree in Mechanical Engineering.[4][5] Tough degree > where he earned an MBA from Harvard University and joined McKinsey & Co A second tough degree at Harvard, plus connections from Harvard and McKinsey >Jain was invited by his former boss, Michael Goldberg, who had left McKinsey & Co. to join Berkshire Hathaway in 1982 Referral by a former boss I'd say insurance experience played a very small part in why he got the job
- manquer 5y ago
  I agree he had the solid foundation [1] [2], but it is still not that simple. . Most importantly at this level Buffet would have hundreds of people in his target pool of similar profiles Goldman Sacks, BCG, McKinsey and ofcourse insurance guys with similar Harvard/Stanford/Yale/MIT kind of ivy league education . Selecting the right person would still be hard. The pedigree of this kind of education and job helps in filtering out a ton of candidates, and keeping the pool to high quality, however it won't be a selection criteria. [1] His academic credentials are impressive, but just to keep in mind IIT in 1972 didn't have the same reputation( guys like Jain created that their achievements) as later on especially terms of difficulty getting in - saying this as late 2000s IITb grad [2] His younger cousin was definitely not factor in 1982 when getting hired , he wasn't Deutsche Bank CEO then
  - danielmarkbruce 5y ago
    I haven't met him - but I've heard Ajit Jain is insanely smart and hard working. If I trusted Mr X, and Mr X said "hey that little startup insurance thing you want to do could be run by Mr Y who is the smartest, hardest working guy I've ever met", and I met Mr Y, and he seemed to be everything that trusted Mr X had said, and had gone to IIT, Harvard and worked at McKinsey, I'd hire him on the spot too. Also keep in mind - Buffett wasn't the god like figure he is today then.
    - manquer 5y ago

james-redwood 5y ago

Buffett has mentioned on more than one occasion that Jain is a near genius, if not one. I remember watching him say that he’s one of the smartest people he’s ever met. Given Buffet’s wide network of people, Jain is clearly extraordinarily special, something that would have shined through in an interview.

newyankee 5y ago

If you were in India, the last name Jain is enough of a brand if you need someone who can grow the business. The community/ last name is synonymous with successful businesspeople.

frontman1988 5y ago
That isn't really the case. Jains are of all kinds. From monks to businessmen. He was probably hired because of his IIT + Harvard degree, not his surname.
- User23 5y ago
  I’m sure you’re right, but every Jain I’ve ever met has been impeccably ethical which is an attractive trait in a person you’re asking to manage billions.
  - boeingUH60 5y ago
    You didn’t meet Naveen Jain :) https://www.wsj.com/articles/SB1061619270471300 https://www.wsj.com/articles/SB1061619270471300

vsareto 5y ago

>Ajit Jain is an older cousin of Anshu Jain, who was the former Co-CEO of Deutsche Bank. Connections >He did his schooling at Stewart School, Cuttack. In 1972, Jain graduated from the IIT Kharagpur in India with a BTech degree in Mechanical Engineering.[4][5] Tough degree > where he earned an MBA from Harvard University and joined McKinsey & Co A second tough degree at Harvard, plus connections from Harvard and McKinsey >Jain was invited by his former boss, Michael Goldberg, who had left McKinsey & Co. to join Berkshire Hathaway in 1982 Referral by a former boss I'd say insurance experience played a very small part in why he got the job

manquer 5y ago
I agree he had the solid foundation [1] [2], but it is still not that simple. . Most importantly at this level Buffet would have hundreds of people in his target pool of similar profiles Goldman Sacks, BCG, McKinsey and ofcourse insurance guys with similar Harvard/Stanford/Yale/MIT kind of ivy league education . Selecting the right person would still be hard. The pedigree of this kind of education and job helps in filtering out a ton of candidates, and keeping the pool to high quality, however it won't be a selection criteria. [1] His academic credentials are impressive, but just to keep in mind IIT in 1972 didn't have the same reputation( guys like Jain created that their achievements) as later on especially terms of difficulty getting in - saying this as late 2000s IITb grad [2] His younger cousin was definitely not factor in 1982 when getting hired , he wasn't Deutsche Bank CEO then
- danielmarkbruce 5y ago
  I haven't met him - but I've heard Ajit Jain is insanely smart and hard working. If I trusted Mr X, and Mr X said "hey that little startup insurance thing you want to do could be run by Mr Y who is the smartest, hardest working guy I've ever met", and I met Mr Y, and he seemed to be everything that trusted Mr X had said, and had gone to IIT, Harvard and worked at McKinsey, I'd hire him on the spot too. Also keep in mind - Buffett wasn't the god like figure he is today then.
  - manquer 5y ago