The Times of India has published a rare interview with Ajit Jain which coincides with Warren Buffett’s arrival in Bangalore today. Mr. Buffett’s trip to India coincides with the company’s entry into the Indian auto insurance industry through Berkshireinsurance.com, a majority owned subsidiary that has a direct sales strategy similar to Berkshire’s GEICO division. Read this article for more details.
Swiss Re has projected claims costs of $1.2 billion net of retrocession and before taxes due to the disasters in Japan. The company emphasizes that a great deal of uncertainty remains due to the difficult situations that still exist in the hard hit areas of Japan. Read this article for more details.
“At Oaktree, we believe that because there’s so much we can’t know about the future, we should invest only where our analysis tells us the worst case is tolerable.” — Howard Marks, memo to clients (pdf) dated March 11, 2003.
The Economist interviewed Stephen Roach, Chairman of Morgan Stanley Asia. In the interview, Mr. Roach comments on the need for China to increase domestic consumption which is a step that many have recommended in recent years. In order to accomplish this goal, Mr. Roach believes that the Chinese people need to have more confidence in their overall level of security when it comes to unemployment, pensions, and health care. The interview also covers lessons learned from Japan’s long downturn and prospects for India’s economy over the next several years.
Read this article for more details and the video.