Who is Ajit Jain, whom Warren Buffett always describes as his right hand

Ajit Jain (born 23 July 1951) is an Indian American executive who is the Vice Chairman of Insurance Operations for Berkshire Hathaway as of January 10, 2018.He was raised in India's coastal state of Orissa. Ajit Jain is an older cousin of Anshu Jain, who was the former Co-CEO of Deutsche Bank. 

Education

In 1972, Jain graduated from the IIT Kharagpur in India with a BTech degree in Mechanical Engineering

Career

From 1973 to 1976, Jain worked for IBM as a salesman for their data-processing operations in India. He was named "Rookie of the Year" in his region in 1973.He lost his job in 1976 when IBM discontinued their operation in India because they declined to allow any Indian ownership of the company, as was then required by law.

In 1978, Jain moved to the United States, where he earned an MBA from Harvard University and joined McKinsey & Co. He returned to India in the early 1980s and married. The Jains then moved back to the United States, as Jain's wife preferred to live there.

In 1986, he left McKinsey to work on insurance operations for Warren Buffett. Jain was invited by his former boss, Michael Goldberg, who had left McKinsey & Co. to join Berkshire Hathaway in 1982. At the time, he said he knew little about the insurance business.

In the annual letter to shareholders on 2014, it was suggested that both Jain and Greg Abel could be appropriate successors for Warren Buffett as CEO of Berkshire Hathaway.In January 2018, Jain was named Berkshire Hathaway's vice chair of insurance operations and appointed to Hathaway's Board of Directors.

Jain lives in the New York City area

Philanthropy

In 2005, Jain established the Jain Foundation, a non-profit organization located in Seattle, Washington, the mission of which is to cure limb-girdle muscular dystrophies caused by dysferlin protein deficiency, a condition that Jain's son has.Pallavi Jain Mittal, who earned her PhD in molecular biology from Brandeis University,was the initial President and CEO.In May 2017, Mittal formed In-Depth Genomics, an organization providing free whole-genome sequencing and analysis to people with rare diseases.

Multibaggers of lockdown: These 18 stocks more than doubled investor wealth

A nationwide lockdown of 21 days was imposed by the government from March 24, 2020, and that was the day when D-Street made an intermediate bottom. The S&P BSE Sensex hit an intraday low of 25,638 while the Nifty50 made a swing low of 7511 on March 24, and since then both the benchmark indices have rallied more than 30 percent to climb above crucial resistance levels.

While Sensex and Nifty might have rallied by over 30 percent since March 24, there are 18 stocks in the S&P BSE500 index that have more than doubled investor wealth in the same period. Stocks that have more than doubled investors’ money include EID Parry, Adani Green Energy, IFCI, KRBL, Aurobindo Pharma, HEG, Reliance Power, and Vodafone Idea.

“Stock like Vodafone have witnessed massive erosion in prices. Being highly oversold, these stocks have bounced back. Further, Aurobindo Pharma, Glenmark, and Jubilant Life Science have been in a correction since 2018. Being oversold and the pharma sector reviewing was the initial trigger for these stocks to rally,” Abhishek Karande, CMT, Senior Analyst at Reliance

The next question is – will the winners of the lockdown carry the momentum in the near future as well? Experts feel that much of the rally in the stocks is also on account of speculation; hence, investors could well book profits as uncertainty prevails. “While there are fundamental tailwinds for the sector or stock in particular for many, few scripts have also rallied on account of speculation,” Paras Bothra, President of Equity Research, Ashika Stock Broking told Moneycontrol.

“In any case, there will be a call to book profits every now and then and is the right approach as the uncertainty is likely to prevail for some time,” he said. The one rule which every investor should follow while buying the stock is the core fundamentals of the company and the viability of the business because the post-COVID-19 world might be different from the pre-COVID world.

Not all companies are ideal long-term bets, but some of them are just catching up after witnessing massive selloff in the recent past, suggest experts.“While the stocks on the list might have given significant returns since the 24th of March we believe that Investors should not focus too much on historical returns but rather on the quality of business as we believe that only companies with strong business franchises and revenue visibility will create value for investors over the long run,” Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd told Moneycontrol.

“Therefore, investors would need to evaluate every company in the list on its own merit then take a call whether to continue to remain invested or book profits at current levels. While some of the stocks in the list would fit the bill of long term investable opportunities others may not fit the bill,” he said.

10 Nifty stocks rose over 50%:

The S&P BSE Sensex and Nifty50 have rallied over 30 percent from March 24 and nearly 50 percent of the Nifty50 stocks have outperformed the index since then.

As many as 23 stocks rallied more than 35 percent since March 24, and 10 stocks gave a return of more than 50 percent in the same period.Stocks that rallied more than 50 percent include names like M&M, Tata Motors, Cipla, Reliance Industries, Vedanta, ZEE Entertainment and Bharti Infratel.

Source : https://www.moneycontrol.com/news/business/markets/multibaggers-of-lockdown-these-18-stocks-more-than-doubled-investor-wealth-5377561.html