Rakesh Jhunjhunwala taught the importance of remaining invested in the market despite volatility and had an indomitable belief in India's growth story, according to veteran investor Ramesh Damani.
"He had this unique belief in India and that shaped a 30-year career that he had in the stock market," Damani said of Jhunjhunwala, often called the "Big Bull" of Indian stock market. "No matter the market fell or went sideways, he remained consistently bullish," he said, on the occasion of Jhunjhunwala's birth anniversary.
Veteran investor Ramesh Damani (Photographer: Vijay Sartape/NDTV Profit)
Veteran investor Ramesh Damani (Photographer: Vijay Sartape/NDTV Profit)
Damani said Jhunjhunwala would emphasise the importance of backing Indian promoters and companies and had a unique ability to quickly decide on investments, often within 30 minutes.
"Rakesh was such a fast study, if he liked the company, he could close a deal in 30 minutes. He studied a lot of business models, companies, and so when a promoter brought a deal to him, it wasn't new to him," Damani said.
"He was absolutely right about putting money on the table and betting on promoters because some of them created absolutely extraordinary companies," he said.
Jhunjhunwala valued return on capital, good corporate governance, and free cash flow. "But what astonished me is that he was always ready to put money on the table. He was never afraid of a loss," Damani said.
Jhunjhunwala died on August 2022, due to a cardiac arrest at the age of 62.
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