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'His track record in the market has been spotless and untainted.'
'That's why he had such great fan following among investors.'
Ambareesh Baliga pays tribute to Rakesh Jhunjhunwala who passed away on August 14, just a month after his 62nd birthday on July 5.
As an investor he had the knack of spotting stocks, stories very early.
What distinguished Rakesh Jhunjhunwala as an ace investor is his conviction to back his stories with not just conviction, but also big bucks. He would go the whole distance to remain invested in a company whose multi-bagger potential he was convinced about.
One may have the conviction, but you also need the courage to put big money into a company as an investor. This is what he excelled in.
A lot of people spot the right companies that become multi-baggers, but how many investors have the courage of their convictions and back it up with big bucks?
That's the reason he was able to multiply and compound his wealth better than his many of his peers.
An Honest Big Bull
We have seen number of Big Bulls in the market. His track record in the market has been spotless and untainted. There have been no scams attached to him. That was more important for him.
That's what I think is Rakesh Jhunjhunwala's greatest legacy as an ace investor. And that is why he had such great fan following among investors. He has been known as a Big Bull since 2004-2005.
He upheld utmost integrity and honesty while compounding his wealth as an investor, as a trailblazer and trendsetter in the Indian stock markets.
End of the day Harshad Mehta was a Big Bull; Ketan Parekh was a Big Bull. Both ended with scams.
The most important value for any investor to cherish is to have conviction and back it up with courage and big bucks. He showed to investors how wealth can be compounded if you back your conviction with big bets.
Praj Industries was one stock that I discovered earlier than him. I discovered it at Rs 5 and he discovered it at Rs 100. The stock turned out to be a 400 bagger and he had the conviction to invest big in that company.
If I am not wrong, that was one of his first big multi-baggers.
Health is bigger wealth
People in the market who were in touch with what was happening at the ground level were aware that Rakesh Jhunjhunwala was not well. In fact, he has not been well since the last three years now.
The most recent interview (a week ago) that he did with CNBC TV-18 most of the people would have come to know that he was not well because there he was visibly not well. I think because of his diabetes he was not well for the last three years. But then one did not expect him to pass away so soon.
While diabetes is manageable he had had acute diabetes and for the last one year he used a wheelchair. In most of his interviews, except the last one (with CNBC-TV18 a week ago), one could always see the josh.
Health issues could not waiver his enthusiasm, passion; his josh for the markets was indefatigable
A week back he was on board Akasa's maiden flight from Mumbai-Ahmedabad-Mumbai.
Rakesh Jhunjhunwala's death now puts to forth that wealth is fine, but health is bigger wealth. There has to be balance between the two.
What do you do with all the money if you there is no health?
Jhunjhunwala himself acknowledged in past interviews that his (deteriorating) health was because of his lifestyle and that he did not take care of his health.
As told to Prasanna D Zore/Rediff.com