Rakesh Jhunjhunwala, an inspiration to many stock market investors as well as traders, passed away at the age of 62 on Sunday.
The Dalal Street veteran was known by many names – some called him Big Bull, while some referred to him as India’s Warren Buffett.
This is a grave loss to the country as well as the investor community at large, that looked up to the man in awe.
A self-made man who doubled his wealth in the last 2 years. He doubled his wealth from close to $2 bn in 2020 to $5.8 bn in 2022, according to Forbes data.
He will also be remembered as someone who was a true believer in the India story.
The ace investor will be fondly remembered as someone who was indomitable in the financial world. Jhunjhunwala was also the promoter of Akasa Air and Star Health & Allied Insurance. Akasa took its first flight earlier this month.
Jhunjhunwala was inspired by his dad who was an income tax officer. He started his trading journey when he was in college and eventually completed one of India’s most prestigious chartered accountancy courses.
He would be fondly remembered as a proud Indian and who had faith in the strength of the Indian investor.
He used to talk about financialisation of saving a few years ago. Although at that point in time, it looked like a distant dream where domestic institutional investors (DIIs) would equally dominate the Indian stock market compared to foreign institutional investors (FIIs).
Fast forward to 2022, the amount of money which is now getting routed through Systematic Investment Plans (SIPs) is unprecedented. Inflows from retail investors crossed Rs 10,000 crore back in September 2021 and since then there is no looking back.
“If you want to generate wealth, the only way is to stay with India’s growth story” – these from Jhunjhunwala in his innumerable interviews as well as discussion forums across the country inspired many domestic investors.
His teachings are now etched in stone and would be a holy text for investors and the trading community for generations to come.
Even though he left the mortal world so soon, his legacy will live on!
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