JAIN DIASPORA

Legendary investor Warren Buffett has hinted at India-born Ajit Jain becoming the possible successor for his businesses.
Showering praise on Jain, who handles the reinsurance division, Buffett noted that there is no one like him and added that his business is “never the same”.
“Ajit came to Berkshire in 1986. Very quickly, I realised that we had acquired an extraordinary talent. So I did the logical thing: I wrote his ­parents in New Delhi and asked if they had another one like him at home.
“Of course, I knew the answer before writing. There isn’t anyone like Ajit,” Buffett said.
A former McKinsey executive, Jain is looking after the reinsurance division, “headquartered in Stamford and staffed by only 31 employees”.
Noting that this business may be one of the most remarkable in the world, the billionaire investor said that it is hard to characterise but easy to admire.
“From year to year, Ajit’s business is never the same. It features very large transactions, incredible speed of execution and a willingness to quote on policies that leave others scratching their heads. When there is a huge and unusual risk to be insured, Ajit is almost certain to be called,” Buffett pointed out.
In a sign of the financial meltdown even hitting Buffett badly, Berkshire Hathaway, his holding company which manages diverse businesses, saw the entity’s net net worth decline as much as $11.5 billion in 2008.
“During 2008, I did some dumb things in investments. I made at least one major mistake of commission and several lesser ones that also hurt.”
“Furthermore, I made some errors of omission, sucking my thumb when new facts came in that should have caused me to re-examine my thinking and promptly take action,” the much revered investor wrote in his annual letter to the shareholders.
He pointed out that “a series of life-threatening problems within many of the world’s great financial institutions was unveiled” last year.
Asserting that the economy would be in “shambles throughout 2009 and, for that matter, probably well beyond, the legendary investor said that conclusion does not tell us whether the stock market would rise or fall.
According to him, “other already-recognisable errors” committed include buying shares of two Irish banks’.
“During 2008, I spent $244 million for shares of two Irish banks that appeared cheap to me.”
Buffett noted a major mistake was buying ConocoPhillips shares when oil and gas prices were near their peak.

ELWOOD

GENERAL DIASPORA

It’s not just passion for cricket as a spectator sport, non-resident Indians are now upbeat about the investment opportunities that IPL’s T20 has opened up for them. 
Says Yogesh Shetty, the former CEO of GMR Sports, the owner of the Delhi Daredevils team: “In the current situation of global slowdown, sports and entertainment look like two sectors which are largely protected. And globally, cricket has always been a big draw with the NRIs. Today there’s a new aspect opening up — with a large number of businesspersons of Indian origin exploring the commercial aspect of the IPL T20 as a corridor business. For Indians overseas, the IPL teams are increasingly offering a vehicle for investing into the Indian market from outside. Many of them want to enter this market and cricket as the huge spectator sports that it is, is seen to have big potential.” 
Shetty is an NRI himself and was head of commercial forex and global payments of Travelex worldwide. 
But it’s not just NRIs from the cricketing nations who are looking at investment opportunities within the IPL format. Indians in countries such as the US and Canada, too, are eyeing such avenues. 
Says Pankaj Mehra, director, India and South Asia markets for the Canadian Scotiabank: “The T20 format of cricket is very popular in Canada and now with the changing demographics of our country the interest is not confined to the South Asian immigrants.”
And when it comes to Indian politics — many NRIs and PIOs are sure to find time to return to their roots in the general election run-up. In states such as Punjab and Kerala, NRIs support candidates and often provide campaign funds. 
With remittances from overseas at a record high and NRIs becoming big investors in the real estate sector in India, it is no surprise that they want to have a bigger say in the choice of political leaders and policy matters. When Indian political leaders go on overseas trips, it is often NRIs who play hosts.

Techies in India’s IT hub will play their version of 20-20 cricket in March to promote team spirit in the ICT (information, communication and technology) industry.
“The IT20 Indian League is a cricket tournament being held to support the ICT fraternity, protect its image and pay tribute to the industry’s success in Karnataka in times of slowdown,” says principal secretary M.N. Vidyashankar.
The tournament, to be held March 1-22 in Bangalore in association with the state department of youth services and sports, will have prize money of Rs 10 million. The winner will get Rs 500,00 and the runner-up Rs 250,000. The balance will be shared by the man of the match and the man of the series.
“The ICT sector is the crowning glory of the Indian economy and lifted India’s reputation the world over with a double-digit growth over a decade. With global recession slowing down its growth, the fraternity needs to be kept motivated in these testing times with a popular sport like cricket in the Twenty20 format,” said Vidyashankar.
With a logo of its own, the league matches are supported by the Electronic City Industries Association, Greater Bangalore Industries Association and the Software Technology Parks of India, Bangalore.
“As cricket is a great game to play as a cohesive unit in team spirit, we hope such activities will enable their firms to keep them motivated in these hard times,” the 
official added.
Youth services and sports department commissioner N.S.Meharikh said the Indian League was a combination of excellence in sport and knowledge in technology.
Five corporate houses — Yahoo! India, MphaSis, Procall, Synova and Wipro — have joined the Indian League. More firms are expected to join.
As India’s IT capital, Bangalore is ranked as the world’s fourth technology hub, with over 1500 firms, including about 500 multinationals and bellwethers Infosys and Wipro accounting for 30-35 per cent of the country’s software exports annually.