Journey of Rakesh Jhunjhunwala
Rakesh Jhunjhunwala, one of the Big Bulls of the country’s equity markets turned 61 on Monday, 5th July 2021.
So we thought, this calls for a trip down memory lane, perhaps?
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Early Years of India’s Warren Buffet : Rakesh Jhunjhunwala
His fascination with the stock exchange stemmed from his dad. One fine day, he asked his dad, “Why do these prices fluctuate?” His dad then asked him to grab a newspaper and check whether Gwalior Rayon was featured. If yes, the worth of an equivalent would move subsequent day.
Mr. Jhunjhunwala’s attraction to stocks just grew stronger and stronger as he self-taught himself whilst on the trail to becoming a CA.
Initial Investments
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He dove into the markets after he completed his CA by 1985 with a capital of Rs. 5000. Between 1986 to 1989, he had already earned Rs. 20-25 lakh.
After 1986, there was a depression for 2-3 years, but he played his cards well and placed his bets on Tata Power.
Then came one among his largest initial investments – Sesa Goa, now referred to as Vedanta. consistent with Mr. Jhunjhunwala, this company was underpriced thanks to a fall within the ore industry yet a bright, prospective future.
Once A Bear : Rakesh Jhunjhunwala
One who is fondly referred to as the Street’s Big Bull was once a bear.
Mr. Jhunjhunwala dabbled in short selling around the early 1990s.
Birth of RARE Enterprises & Bull Market Investments
In 2003, Mr. Jhunjhunwala and his wife established their own firm, Rare Enterprises.
Rare Enterprises, based in Mumbai, is a private equity investment and asset management firm which invests in sectors such as biotechnology, digital entertainment, education, healthcare and hospitality.
Mr. Jhunjhunwala says he made some of his largest profits in the 2003 bull run. The Praj Industries investment came about in 2004 when the index was a mere 5500. This index nearly doubled and he sold some shares at a ~250x appreciation.
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