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August 2022 A large conference hall in Delhi was packed to capacity. An elderly investor sitting on a wheelchair on the stage picked up the microphone and said, I have never seen such a bull market in my life as is about to come now. India's time has now come. There was thunderous applause in the room.
But few people knew that this would be Rakesh Jhunjhunwala's last major public speech. A few days later, on August 14, 2022, this voice became silent forever. But before that, the thoughts, the principles and the stories he gave to Dalal Street are still on the lips of every investor. As soon as the name of Rakesh Jhunjhunwala comes, most people remember the story of Titan.
But his real lesson lies elsewhere. In the thinking that he created through years of mistakes and triumphs. Let's talk about the lesser- known stories that shaped India's biggest investor. From his birth to his last breath. The roots of this thinking were laid in childhood itself. Rakesh Jhunjhunwala was born on 5 July 1960 in Hyderabad.
His family was originally from Jhunjhunu district of Rajasthan and hence the name Jhunjhunwala was added to his name. His father Radheshyam Jhunjhunwala was an Income Tax Officer. And often in the evenings at home there would be discussions among his friends about the stock market . At the age of 15, Rakesh used to secretly listen to these conversations and one day he asked his father, “Papa, why do the prices of cities fluctuate every day?” The father replied, read the newspaper and understand the relationship between news and price.
Gradually everything will become clear on its own. This is where Rakesh developed an innate curiosity about the market. However, father had only one condition. First complete your studies and then talk about the market. Rakesh completed his B.Com from Sydenham College and became a Chartered Accountant in 1985.
The father wanted the son to have a stable job . But Rakesh's mind was stuck on Dalal Street. When he asked for money to go to the market, his father flatly refused. Don't borrow from me or a friend. Learn to stand on your own. Rakesh had only ₹5,000 in his savings at that time. But the passion was bigger than that.
With these ₹5,000, he entered the market when the Sensex was only around 150 points. In the late 1980s, when Rakesh [Sangeet] entered the market with this small capital. They didn't just trade. He would spend hours studying the balance sheets of each company, trying to meet the management and, where possible, going to the factory to see how the production [of music] was actually going.
This habit led him to invest in CRISIL. When Crisil's IPO came, for many people it was just a simple rating agency. But Rakesh saw in it the future of India's growing corporate debt market and the increasing need for credit ratings. He bought a large stake in it and held it for decades. This stock later became one of his best multibagger investments, with its value increasing hundreds of times.
Rakesh often said that real money in the market is made not by daily trading but by identifying the right company and holding on to it for years. His famous principle was Buy Right So Tight, that is, buy the right shares after proper research. Then don't rush to sell it. He used to say that patience is the greatest asset in the stock market and that those who panic and sell shares at every small fluctuation can never make real wealth.
He believed that the market never loses. The losers are the ones who give in to their fears. But this journey was not always easy. In the 1990s when India was going through a phase of economic liberalization. Rakesh also misread the market many times. His trust in some companies was broken. Some bets backfired, and sometimes heavy losses were incurred.
But every time he would repeat the same thing. Why be ashamed of admitting your mistake ? Learn from the market and move forward. This attitude set him apart from other traders who are often afraid to accept their losses and keep repeating the same mistakes. Rakesh, on the contrary, looked at every loss as a lesson and entered the field next time with that lesson in mind.
After the Harshad Mehta scam in 1992, when the entire market lost confidence. Rakesh chose a completely different [musical] path. He founded his own asset management company named Rare Enterprises. There was a very sweet secret hidden behind this name. This name was actually created by combining the names of Rakesh and his wife Rekha ji.
This company later became the centre of his entire investment empire. From where he continued to decide both the fate of Indian companies and his own fate for years. It was during this period that he began to establish himself as a patient, long-term investor, breaking away from the image of a short-term trader, and this change later became his biggest strength.
There's also a very undertold story about his [musical] health. In the last years of his life, Rakesh suffered from a serious kidney ailment and was on regular dialysis. The body gradually became weak but the mind and passion remained as sharp. In this condition, he took the biggest and riskiest decision of his career .
Aakash Air launched. When people were advising him to take rest. He was busy raising investors and building a team for the new airline. He believed that the common man of India should also have the right to cheap air travel and this dream should not remain unfulfilled. No matter how fragile their own health is.
In his later years, Rakesh would often meet young investors, give them advice, and repeat the same thing . India's growth story has just begun. The real opportunity is yet to come. He believed that investors who make decisions based only on today's data miss out on tomorrow's greatest wealth. The real investor is the one who sees the future of both the company and the country today, when the rest of the world is in doubt.
This thinking made him different from other analysts and fund managers. He did n't just read statistics. Also used to bet on trust. On August 7, 2022, the first flight of Aakash Air took to the skies and exactly a week later, on August 14, this Dalal Street stalwart left forever. This was not just a coincidence but a symbolic ending to his entire life story .
The flight of a dream and the end of a journey, both in one week. But the thought he left behind – patience, trust and unwavering faith in his country – is still alive in the hearts of every investor who wants to make a story in the market, not just money. Rakesh Jhunjhunwala's journey started from ₹000 and reached thousands of crores of rupees .
But his true legacy isn't just in statistics. That legacy lies in the thinking that success in the market comes not from luck but from research, patience and unwavering confidence in one's decisions. That legacy lies in the courage that is not afraid to dream new dreams despite a sick body. And that legacy is in the faith that says that if you believe in the strength of your country, no beginning is too small.
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