Warren Buffett cannot seem to help himself. Yet again, in his famously folksy annual letter to Berkshire Hathaway shareholders, the company’s billionaire CEO lavished praise upon one of his managers above all others – Ajit Jain.

Mr. Jain (58), who heads some of the reinsurance businesses in the Berkshire Hathaway stable, first joined what is arguably one of the most successful investment companies ever more than two decades ago.

“A hugely important event in Berkshire’s history occurred on a Saturday in 1985. Ajit Jain came into our office in Omaha – and I immediately knew we had found a superstar,” Mr. Buffett said.

He has good reason to be pleased. Mr. Jain’s efficient liability and cost management in Berkshire’s reinsurance business has helped sustain the company’s meteoric share price rise from around $3,000 in the mid-1980s to its current level of close to $120,000, and a breathtaking compound annual growth rate of 20.3 per cent in its book value.