저자: RakeshJhunjhunwala · 외국인
요약 보기
창업자 Rakesh Jhunjhunwala가 1985년부터 주식시장에 입문한 과정과 초기 투자 경험을 회고한다. 타타파워 등 초기 성공 사례, 1992년 Harshad Mehta 시기와 Gulf War 전후 시장 급락 대응, 2001년 인도 구조적 강세장 판단, PSU 주식 대박 경험을 이야기한다. 또한 투자 철학으로 실패 학습, 욕심 절제, 자본 보호, 기업 제도화, 사회적 책임 등을 강조한다. 종목 가격 방향에 대한 향후 1~3개월 예측 발언은 없다.
다듬은 글
you know my father was interested in the stock market so he would discuss with his friends in the evening the stock market so I tell my daddy what are you all talking well you see some news comes on goon the stock goes up up and down so you see that's why the stock market moves so you know at the age of 14 15 some are interested in airplanes some are interested in cricket some are interested in girls I got the stock market so I would read avidly about it first I would read balance sheet I'll say share capital reserve and Serv plus oh this is a good company right I used to feel those companies have good high share capital and I used to wonder is multinational companies they don't have high reserve and high share Capital why the price is so high and all these Indian companies they have such high book values right then I learned to read a balance sheet I did my bcom did my chanes like 1985 my father said what do you want to do I I want to a stock market so my father said never do this I'll never give you any money don't go to any of my friends right you have a house here you can live here you are a chart accountant if you don't succeed in the market you can always earn 152,000 a month he gave me that sense of security he said never forget your word is your bond be Fearless may God bless you for he's the only blesser no money my mommy is saying who will marry you going to the stock market doing sat nobody give you a girl also I said mommy don't worry you'll have one less daughter-in-law to trouble you right I went the stock market started I should carry a bag go to the street anybody always father has t one year two years and one mouth but never learned customer blah blah blah Tata power is good this that so humble beginnings initial hurdles like my mom no Capital then I have a brother he a practicing chart accountant he G he gave me got me loans of 20 lakhs one Goan person his client used to work in Dubai he gave me 10 lakhs and he won't take security I went to his house I Mr M in the stock market you g me 10 lakhs I don't want to keep your money without security I don't want I want your actually you won keep it have faith in you I said no Mr M you keep your security that's how I started 1985 boom I had nothing when I started 5,000 in one year I earned 20 25 lakhs paid three four lakhs tax as a king of the world right graduate from smoking Four Square to 5 fight right fortunately found some girl married her parents found her I won't lie married her then 2 three years nothing what to do my father said put up Factory so I went to Hyderabad I had 20 25 laks had earned that I kept 20 laks bought Tata power sh and kept them right then my father said I will come in the factory also I said daddy you are from the government service you can come here once in 3 months review everything and you please stand bom he said no no I said I'm going to bomb right so then I came back the are initial hurdles but I had believe that no I'll do well and my father told me you don't do don't don't take anybody's money don't and by Nature I'm very careful in Money Matters right from childhood right so I mean I had 15 20 lakhs saving I said Market will you know give opportunity then I find I met some friends right I met rakish dwani he took me to Nish B rames daani Kamal K good people and all well-intentioned people so interacting especially with rakish I learned a lot of good things in life my Approach To market change I also learned on the job maturity I got maturity about markets then came Madu then came this you know uh again I went to my daddy in 89 Daddy I said I have 15 lakhs you give me 15 lakhs loan I said you give me one year grace period after I'll pay you money like a truck driver pay a monthly installment my father said no I not go then I said how to get the money so I said I'll trade there's no other way I not never done any speculation until 89 right but I knew the stock market fire B I go and commit suicide if I can't give anybody's money right and then you know I did the initial trades I learned the importance of capital protection I paid 2 2 and half lakhs tax in 1985 I us to feel like a king first we invested money to go a drink here lak tax check sign you feel like a king right this was the initial phase then came the budget then I remember I made money in siso they to want Mr Bajaj he used to explain to everybody just like has to explain Tata power to everybody nobody would listen to him and then when he explained the facts to me I could believe it that you know in I know the prices are fixed one year in advance 6 months in advance for the next year already you know the they had got a price rise about 26% in I right and there was considerable difference in foreign exchange rates between the last year and the current year so next year was going to be a bumper year and Sago was 26 nobody would listen to me and rishani and Kamal so I us to explain to them I was the guy who was convinced I bought three lakh shares I had 50 lakhs worth of Tata power I bought 3 lakh shares Leverage What is the I go to 15 rupes I sell T power and pay it and I tell rakish and Kamal and they laugh at me and the price went from 26 to 65 in 3 months and from 65 to I think 2200 in 3 years that's how I made the real initial money and then came Madu his budget I remember Rak had taken me to make Nish people were so bearish so bearish and I was sure that you know Miss and one thing that VPC will not give a budget will hurt the business Community see he was the man who first reduced rates of tax who abolished estate Duty and he was a although he was a he was a takur he was a businessman so I stake my life in that budget right and I must have been worth 1 and half cres when the day of the budget and I was worth 20 grows the next day I stake my life right and that's how I made the real initial money okay then when we experienced the great my you know I remember the index TG started at 600 then I think it went to 1800 then came the Gulf War right the index came back to 1100 1200 and then came Mr meta the great Mr meta right so initially when the stock no we bought ACC I taken delivery I remember of some 15 sh of ACC at 300 we sold at 2800 2900 3200 3300 price came back to 2300 2400 then it came back 3500 we all shed then one cold afternoon I all shot and price I went and cut all my shots then we made money in the rise and then we knew all this thievery money when the market came down we made the money of our life and then you know trading investing cooking it can't be taught it has to be learned and it has to be learned on the field my wife can't you know she has seen my mother make it 100 times right so it is something it is you to learn shoting and pyramiding we learned I trade actively boss I'm not only an investor and all my father has not left me any inheritance so I have to earn and invest right we learned shoting and pyramiding we learned prudent betting that how in you know markets you have to be very prudent learn to take a loss then you know I realized one thing in life which is very important I think Ambitions cannot overshoot Market opportunity I think what happens look at raak enough money right let's go into let's put some industry my wife will say what are you doing it all for no trading investing when there's not much work right the importance of reading experiencing and learning now then when you interspect you understand what you have learned what you have gone through right then participation in Tech boom you know when I set up a software I am illit software is concern and all these young generation people understood up 97 what is this software software never used a computer I us to think is garbage in garbage out in my CF final I did not take computers I never understood very we technically then 97 98 I understood but some Tex talks then in you know private Equity everybody investing in private Equity I also said I'll invest 20 crores we never earned but we learned and I you that was one of my most forceful periods of learning as an investor because I saw how actually companies what are the problems what are the unrealistic expectations right how entrepreneurs lose their minds how competitive ability is just a myth how there are me two companies the difference between a real company and a me to company it was a great education I think that money lost was well lost right and then of course I made the biggest money of my life in the psus I was very bullish of psus and I feel very proud I started buying B Electronics from 18 rupees today also the price is 1,600 I have sold out right it's and I remember during the tech boom people were buying all Penta Himel Global I used to buy all this PSU stock shipping Corporation 20 rupees I bought pric is 24 I'm very happy so I used to walk in in the street of the stock market so people used take G bu buying PSU stocks but that proved to me the biggest jackpot of my life and this is a defining time I realized in 20012 the India is on the threshold of a secular and structural bull market and I wrote so in the economic Times right I thought I invest in growth stories concentrated portfolio concentrated and dver diversified at the same time I thought I had some maturity as an investor buy right hold tight exit INF frences right meaningful Stakes I want to invest Stakes you know where I have some at least person 2 person 3 person in the company I want to be a value guing investor organization building right until now I was my company's damaging director chairman pun everything then I got some people try to make a team right I have two partners now and then listing very important people will come I'll get a call from my sister-in-law see this company fellow wants to meet is very much interesting right so we I'll call them you see our stock our earning is 50 rupees per share but the price is only 120 so I said your duty is to inform and perform perform and inform no sir you know we I said how can I help you we will do Market leing I said what is this so then they will explain you don't understand the price is 120 we will give 10 lakh shares at 0 rupees then we'll hit the share and make it 160 sometimes you think of the money involved resisting those Temptations but I know that anybody who Tred to misbehave with a stock market or with a woman the road is ha Ro see fired stock market and woman there's no difference never misbehave with any of it's a learning of life right so I resisting I learned how to resist those Temptations right and I have lot of aspirations and I want to share them with you right one aspiration is to be your age again so that I could have a free mind you know excitement World At Your Feet dating all the beautiful girls right first is institutionalization I want to and a Perpetual view see I want my rare Enterprise to live beyond me right and I want to institutionalize it so it grows beyond raak right and I making efforts then I want to trade and invest in other asset classes maybe debt of course I'm doing it in a small way just opened up in India now right other geographies is a dream I was telling on the way that the dream of my life to after India has Capital account convertibility to trade and invest to trade and invest all over the world right of course I have then I want to be investor of choice I want entrepreneurs to feel that he and not by acting but by actually doing things by adding value to to my investments by adding value to the companies in which I invest right I want to do philanthropy I believe the giver of this wealth is God and he is cast his social responsibility that it must be used for good social purpose and I don't want to give my children money beyond the point I want to give them freedom and the right of choice I don't know whether the mother will agree or not right I want to be D leverage but if I have a bank balance in the night I can't sleep if I pay interest only I get good sleep right then I want to be a strategic thinker so think strategically think Beyond markets and I want to be people skill focused and I'm trying to work on all of them I need your blessings and I there some student advise I would like to give students right see one thing I can tell you you can never achieve without dreaming but dream with your feet on the ground and your head also on the ground not with your feet in the air and the your head H down so whatever you can do or dream you can begin it boldness has genius power and magic in it whenever you start all don't forget in life all things big start small at the same time be practical right do something you love is very important do it with passion I think I succeeded in markets whatever level I did because I love markets I have a passion for them they are my life so do something that you love right the means are as important as end never forget that right Aspire but never eny and the means the end remember one thing don't comment on other people's integrity and means and expect other people also not to comment Aspire but don't envy see this is a very very important thing my father taught me see my father I always had rich friends right my father always used to tell me raakesh never ever forget the give up the ambition of being bigger richer than anybody in the world but just because they are richer today don't envy them there a difference between envy and aspir envy means it becomes zealous you know it becomes sort of jealous aspiration is that I want to be so I think there a very big difference between Aspire and envy right I think also I know Mr D taught me learn to learn from success in India what people do they you know they uh they they they bring down other people's success they say successful say success doesn't come e easily and and respect other people's success and learn to learn from it right be paranoid of success never take it for granted you know never forget one thing in life my friends that all adjectives in life are transient and temporary success Beauty power wealth taste right so never take success for granted and don't be surprised if it goes away be prepared for that day you'll never be disappointed fight to have it but be prepared right build a fighting Spirit take the good with the bad you know life is full of surprises some are good some are bad but isolve not to break down and be overwhel and I will say as I started life I looked at in Horizon I used to dream of the day when I could earn 50,000 Rupees a month I thought what I'll be a king here right so I looked at an horizon it seem so so distinct and far but only when I reached that Horizon did I realize how many more there are so thank you friends I can also I've been going blah blah blah for 1 hour more than that thank you so much
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