저자: 미상 · 외국인
요약 보기
라케시 준준왈라의 투자 여정을 소개하는 내레이션 영상. 1985년 5천 루피로 시작해 장기 복리와 인도 성장에 대한 신념으로 큰 부를 쌓았다고 설명. 타타 단기 매매 수익, 타이탄 장기 보유, 아카사항공 창업 등을 언급하며 장기 투자 철학과 인내를 강조. 특정 자산에 대한 향후 1~3개월 가격 예측은 없음.
다듬은 글
Just ₹5000 and after a few decades thousands of crores of rupees. It sounds like a story from a movie. But the real question in Rakesh Jhunjhunwala's story is not money. The question is what did he see that other investors could not see at that time. A time when the Indian stock market was not as easy as it is today.
No mobile apps, no charts changing every second, no market experts on social media. Information was limited and one wrong decision could wipe out your entire [musical] capital. Yet a young chartered accountant entered the market. Gradually, he started investing in businesses whose true strength the market realized after many years.
In the year 1985, India was not like it is today. There was a lot of government control over the economy and the stock market was not considered a reliable way for ordinary Indian families to build wealth. At this time, Rakesh Jhunjhunwala, about 25 years old, entered the market. He had around ₹5000 to start with.
His father worked in the Income Tax Department and the stock market was discussed at home. Perhaps this environment created curiosity in him to understand the market. He didn't just want to know how much a stock was worth today. He wanted to understand how the company made money. How much can its business grow in the future and what is the real story behind its price.
This thinking was going to become his biggest strength in future. There was no miracle in the beginning. He also had to learn the market. Risks had to be taken and mistakes had to be made. Tata T is one of his early famous investments. According to reports, he bought its shares at a price of around ₹43 and sold them at around ₹143 within a few months.
This was a great initial success for him. But the real story begins here because one good trade can make you money but a strong investment philosophy can give you the ability to make money for decades. Jhunjhunwala gradually began to understand that the stock market was not just a game of prices. There is a whole business behind a company.
If that business grows over time, the investor's wealth can also grow with it. But there was a big problem before him. capital. Big investors had crores of rupees. While he initially had only ₹1000, he had something that money could not buy. At that time he tried to reinvest the earnings. Then the money made from that investment was invested further.
This is the game of compounding. Initially its effect appears very small. The profit on ₹5000 does not seem very big. But if the same money keeps growing over and over again and is invested for years, the math changes completely. The only problem is that compounding requires time and timing the market is one of the most difficult tasks as every investor wants quick results.
The market also tested Jhunjhunwala many times. Not every investment was successful. Some decisions proved wrong. Some stocks didn't perform as expected, and sometimes the market challenged their predictions. But this is where the difference between an investor and just a lucky trader comes into play.
After incurring losses, the question should not be why did the stock fall? should be the real question. Why did I buy it? And does that reason still exist today? If the company's business is strong and only the market sentiment has deteriorated, then the decline can sometimes become an opportunity. But if the business story itself has changed, then holding on to the investment based only on hope can increase losses.
This thinking gradually became stronger during Jhunjhunwala's journey. Then India started changing. The economic reforms of 1991 put the country's economy on a new path. Opportunities for the private sector started increasing. Competition increased and gradually the purchasing power of the Indian middle class started changing.
Jhunjhunwala did not see this change as just economic news. He saw an investment opportunity in it for decades to come. His vision was that as Indians' incomes increased, people would buy better products, use branded services, take out insurance, travel and spend more on lifestyle. This means that the real opportunity could have been in those companies which were going to be a part of India's rising consumption story.
This thinking led him towards businesses whose future perhaps seemed much bigger than his current situation at that time. Titan became the biggest example of this thinking. In later years, Titan became one of the most talked-about holdings in his portfolio. But when he invested in it, the story was not as pre-written as it is today.
India's jewellery market was largely fragmented and organised retail was still in its infancy. Jhunjhunwala felt that as the income and aspirations of Indian consumers rise, the demand for branded jewellery and organised retail may also increase. He maintained his long-term investment in Titan. The share price fluctuated several times and questions were also raised about the valuation.
But his focus was n't just on the next few [musical] months. He was looking at a big question. If India becomes richer in the coming decades, where will the Indian consumer spend his money? This was the most important part of his investment philosophy. He didn't just want to buy stocks. He wanted to buy the future potential of the business.
But that did n't mean he made the right decision every time. There were several investments in his portfolio that did not perform as expected. This is what makes his story more real. Not every investment in welfare creation has to be a winner . What is important is that some successful investments become so big that they create more wealth than the losses caused by other mistakes.
Investments like Titan played a key role in similar asymmetric wealth creation. And this is where the true value of patience is understood. Sometimes the biggest returns come from investments you bought when their full potential wasn't clear to anyone. With time, Rakesh Jhunjhunwala's name became known all over the country.
The media started calling him Big Bull. Even a small piece of news about his portfolio could create buzz in the market. But with fame comes a new pressure. When a stock is linked to your name, every fall in it becomes a question on your credibility. Jhunjhunwala witnessed many major ups and downs in the market.
The technology bubble, the global financial crisis, and many other sharp declines. At such times, the psychology of the investor is tested the most. It's not easy to stick to your investment thesis when fear is everywhere. But his long-term perspective repeatedly forced him to think that today's market value and the value of a strong business in the coming years are not the same thing.
This is why it would be wrong to consider his story as just a story of choosing the right stocks. Risk management, patience and independent thinking were equally important in this. He wasn't afraid to take big risks , but it would n't be right to view investing as gambling. Investing money in a stock and hoping someone else will buy it at a higher price.
There may be speculation. But investing for the long term by understanding the earnings, management, industry and future demand of a business is a different approach. Jhunjhunwala repeatedly expressed confidence in India's long-term growth . For him, the market was not just a game of today's prices.
He considered it a means to participate in India's economic transformation. Apart from Titan, Lupe, Crisil, Ascots, Star Health and many other companies have also appeared in his public portfolio from time to time. Each of these investments had a different story. Some did well, some less so, and some did n't go as well as expected [musically].
But that's how a large portfolio works. Not every stock needs to be a winner. The real difference is when one strong investment multiplies over the years. This is the other side of compounding. You don't need to hit the jackpot every time. You need some investments that can create extraordinary wealth over time.
And selling those investments prematurely just because the profit looks small or good. Sometimes this can be the most costly mistake. Now it is important to understand a little about ₹5,000 to ₹45,000 crore. Rakesh Jhunjhunwala's net worth at the time of his death was estimated differently by different public sources.
Several reports put his net worth at around ₹400 crore. While some popular estimates take it to around ₹45,000 crore. That's why it would not be correct to consider ₹5,000 to ₹45,000 crore as an exact audited wealth journey every year . But the big picture is quite clear. He started with a very small initial capital and built extraordinary wealth over the decades by investing in the Indian equity markets.
And the real mystery of this whole story isn't the final number. The real secret is that they let capital work in the market for a long time. But his story was not limited to the stock market only. In the last years of his life, he also moved towards entrepreneurship. The biggest example of this was [the music] Axis Air.
Aviation is not an easy business. Fuel prices, competition, operational costs and thin margins make it a very challenging industry. Yet Jhunjhunwala sees the growing air travel demand in India as a long-term opportunity. Akasa Air launched its first commercial flight in August 2022 and just a few days later Rakesh Jhunjhunwala passed away on 14 August 2022.
It was an extraordinary coincidence. For the man who spent his entire life investing in India's future , one of his last big business stories was also based on India's future growth. Today he has neither the opportunity to choose any new stock nor to give any interview. But his story still begs a question.
If a person started with ₹5000 and created wealth worth thousands of crores, was his secret some hidden stock? Any magical formula? Probably not. His biggest strength was to use time in his favor. He made mistakes, suffered losses, witnessed market crashes and faced criticism many times. But he did n't see the market as a burning get-rich machine.
He looked at ownership in businesses [like music]. And perhaps that's why his story is so powerful even today. Because wealth creation often doesn't happen with one speculative decision. It's made up of small decisions, [musical] learning constantly, and persistence over the long term. Today a new investor opens a smartphone and can see the prices of thousands of stocks in a few seconds.
New tips come every day. Panic appears in every fall and FOMO appears in every rise. But Jhunjhunwala's story perhaps teaches the exact opposite lesson. The biggest question in the market should not be how high will this stock go tomorrow? The real question is, can this business be bigger than it is today in 10 years?
Because if the answer is yes and you have taken the right decision after understanding the valuation, risk and business, then time can become your biggest friend. And if the answer is no, then investing just by looking at the rising prices can be dangerous. The story of reaching thousands of crores from just ₹5000 sounds impossible to hear.
But Rakesh Jhunjhunwala's life shows that real wealth is not determined only by initial capital. It's determined by how much time you give to your capital. How many mistakes you learn from and how long you can stick to your right decisions . He bet on India's growth. Some bets went wrong, some were normal.
But some proved so big that the entire picture changed. Perhaps this is his greatest legacy. No secret stocks, no guaranteed formulas. Just a perspective that when you invest in a strong business, you should not only look at its [musical] value today but also its potential tomorrow. And finally the question is, if you have only ₹5000 today, do you have the patience to give it the right time, more important than investing it in the right place?
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