저자: RakeshJhunjhunwala · 외국인
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인도 투자자 라케시 준준왈라 인터뷰 3부작 중 하나로, 투자 경험과 인생관을 다룬다. 투자 교훈: 1999~2001년 사모투자 경험에서 규모의 확장성, 성장의 한계, 경쟁우위의 중요성을 배웠다고 말한다. 큰 기업이 작은 기업보다 안전하다는 견해를 밝힌다. 리스크 관리: 한 번의 투자에 자산의 2~3%만 베팅하며, 손실은 전쟁 속 한 번의 전투일 뿐이라는 태도를 강조한다. 시장 관점: 과거 튤립 버블부터 인터넷 버블까지 시장은 늘 같은 경로를 밟아왔고, 정부 개입으로도 바꿀 수 없다고 말한다. 사람들은 최근 경험에 휘둘린다고 지적한다. 인도 전망: 인도가 2010년경 정점에 이를 것이라는 전망을 밝히며, 향후 자본이 축적되면 해외에서 투자하는 삶을 말한다. 개인 및 사회 활동: 건강 관리, 가족과의 시간, 조직의 영속성 구축, 자선 활동(고아원 건립, 국가 자선 체계 연구, 물 관리 연구)을 계획으로 밝힌다. 조직 운영: 리더는 타인의 의견을 듣고 실수를 용인해야 하며, 독립적 의사결정을 장려해야 한다고 말한다. 골드만삭스 같은 종합 금융이 아니라 트레이딩·투자에 집중하는 조직을 꿈꾼다.
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say to them from which ignorance is placed they are losing another opportunity I am not losing anything they can believe anything they want right and you know it's like saying that I go past the street and I find a drunken man and he's singing very well I find he's drunk second day I go is drinking very he's singing very well he's drunk Third Day saying very well I assume he's drunk what kind of a logic is this and by no measure our valuations we whack you know out of shape or is the money which is coming here concerning some scripts or is the quality I mean this is all see Ramesh it is what what has happened people forget you know history since times in Memorial markets have always taken the course that they have taken right from the Tulip boom to the internet boom and no amount of government interference nothing can change it right especially in a free Capital Society so there what happened but people are always influenced by what has happened in the immediate past they've dealt with that asset they've had better experiences they promised themselves they won't deal with it again forgetting that when Time Changes Everything Changes foreign 1986 I don't have learned them I would have just become a slave to those thoughts time and money are great teachers I think time is I think money is not a experience and maturity is you know you started very idealistic in life all of us yes and you realize what the practicalities of life or life being what it is you you know even gandhiji has said what cannot be changed has to be accepted we'll accept that we're going to go into a break when you come back we'll chat some more with Rakesh changanwala we're talking with the market wizard Rakesh engine Wala welcome back Rakesh in a long investment career can you just tell me an experience good or bad that is actually taught you the most however I invest in in private equity in 1999 2000 2001 I never earned what I learned and I learned two three very big lessons that this principle of scalability you know size Matters and you know just because someone is doing 100 tasks well he's going to do one floor task well don't assume and growth has its own challenges and also that they need some competitive mode in their businesses that I learned earlier only and another thing also is you know that A Bird in Hand is worth two in the bush and while Size Matters and why large large size companies are always safer investment than smaller companies and there's a very important relationship but the last number really bothers you I mean you take it and just shrug it off I mean we are not staking more than two three percent of our it's a part of the game it's part of the game and if you can't take Victory without us my loss without a smiling Victory without a smile and you know I always I'm inspired by what Churchill said you have to lose many a Battle to win a war I never forget those words so it is one battle when the loss there's so many battles and it's only when you can you know you can smile in the face of defeat you are Grace Under Pressure but uh Rakesh you've moved on your life you've had another important thing also is that see we have no real need for money God has been kind he has given us fall as well when people think but far more than we need and we are not everyone are these social climbers we don't have any expenses I live with my father in his house right and he makes you aware of it okay yeah when he gets angry threatens to throw me out he tells you but for my good daughter I never thrown you out so you know he doesn't like my average there's a reason he is Justified also so but I feel like suppose we have little money lesser more different going to be and we are not in a race with anybody but you have a daughter now has that changed your perspective on investing on life no it is it has changed my perspective to the sense that it has made me far more aware of my health I feel that I must spend 30 35 years at least with her you know and I feel that being a realist as I am that with my kind of habits if I don't improve how can I have a good quality of life and how can I have age Rakesh the young people that you help you also giving a lot of Charity just tell us about that what do you do in terms to help society which I don't see I have six challenges before me Ramesh the first challenge that would take care of my health second I have to spend more time with my parents with my lovely wife and my lovely daughter three I think I am trying to institutionalize what I've always been doing for 15 20 years I was a chairman Diamond director Pune clerk driver everything of my company the office was a briefcase briefcase and you know I think I have a good team of 10 people we are going to take a decision we are going to expand the team so I want to specialize things so that my skills live beyond me right fourth thing I want to give it Perpetual life let me talk about the organization skill part and I need to ask you that because you have such strong opinions you know and people get intimidated by the wealth you have or the opinions that they have do you think it's easy to build an organization when one person demands the or commands it is always it is always possible if the person who commands that has an attitude to understand and know that he cannot always be right and others can be right so you've got to listen to others plus you got to excuse people's mistakes you've got to realize that nobody can learn without making a mistake and you've got to encourage people to take uh independent decision then believe me Ramesh there are two parts creation of infrastructure recruitment of people and the team and I think the first two we have done very well the third also now I have people in my office are doing independent decision who come and tell me we are wrong they tell me you want to build a Goldman Sachs like Organization no I don't want to build a Goldman's next type of organization I want to build a organization which concentrates on trading and investing not any brokerage or Investment Banking and you know I so it's my dream in life that I want to have a Perpetual life rare Enterprises which is Rakesh different Enterprise we have a partnership firm I want to give that Perpetual life then Ramesh and I think that's the greatest challenge fourth I want to have one weekend off every month one quarter one week of every quarter one month of every year by myself I want to see the world and I want to plan in the 80 places I want to visit in the next 20 years which which places I'm going to visit so that would take away you from your mistress Rakesh the markets I mean 24 7 Market but time comes when times come things have to change I realize that and I can always be in touch with markets you're telling me you're going to see a kind of gentle Rakesh now I am lawyer I am I think I'm kind of gentle already no in terms of taking time off uh mellowing down a little bit not being totally involved in the markets no I will always be totally involved in the market doesn't mean I don't take times off while on vacation also modern vacation why not I can always be in touch and shifting levels that I want to do is I want to you know God has been kind he has made me successful I should not belittle anybody and sixth the most important question is I believe I'm not an owner of wealth I'm a trustee and it is the biggest challenge in my life that I must use this wealth for charity and I pray to Mother Teresa I said give give until it hurts and I want to pray to God that God give me the power to to make money of course is not a sin but to die rich is a sin is this foreign right and I'm going to expand my charitable budgets every year and it's one of the greatest challenges of my life so Rakesh I asked you earlier on how much are you actually worth how is it important so how much did he give okay I was just joking about that how much which what are the causes that are important to you three causes of Ramesh one I am going to make it orphanage for 500 children I want to bring up 500 model citizens right and I'm searching for land or appointed a personal agreement office to get the land and we want to make an orphanage there for 500 children to Ramesh I feel the greatest point of Charity is still the state organization which analyzes how the state spends charity and how it can spend social welfare and how it can be spent better it will be the greatest lasting contribution of charity and third I think Ramesh as you point out that water is going to be the most important resource of this Century I think India has got very good ancient Water Management Systems I want to study this system and apply them in the rural and normal areas these are the three areas where I want to specifically work education a little bit on water and a little bit on productivity of use oh productivity I think the capital damage government says humongous waste and government expenditure and it's not only see one is a waste which is coming out of corruption one which is coming out of out of systematic issues you know you don't know how to spend it well the productivity of that money the corruption that government will handle but the systematic issues I think by study they can be handled has become the Amitabh Bachchan or the stock market industry the one to ten guy what are the challenges ahead though for you in financial markets do you want to go to Wall Street do you want to go to Hong Kong why settle yourself limit yourself to India right I'm not limiting myself to India I wish I think India will peak in my opinion by 2010 PE wise I think that time we'll have Capital amount conversely that time will have Rakesh living in Singapore or Dubai or Hong Kong or or London or Singapore or New York and feeding the world and investing in the world and inviting his friends on a netjet perhaps not right on motivation I don't think so many more Mountains today I'm Rakesh thank you for a wonderful interview thank you for being with us today join us next week with another episode of the Wizards of the last Street foreign
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