저자: RakeshJhunjhunwala · 외국인
요약 보기
타이탄 투자 경험을 회고. 2008년 무지 상태에서 중개인 조언으로 매수 시작, 이후 경영진 면담으로 확신을 얻어 10% 이상 지분 보유. 주가가 1600→600으로 하락했음에도 인도 경제 성장과 소비 확대로 타이탄 마진(10%→13~14%) 상승 여지가 크다고 보고 보유 유지. 일부(20%) 매도 사실 언급. 장기 보유 의지 표명.
다듬은 글
Titan, how did you decide zero down on Titan? See, I didn't know zilch about Titan. One day I was sitting in the office. I was very I was very bullish. There was a broker called Lucky. He called me. Lot car discount lot car premium lot car Right to tell you premium lot car premium Everything was going up.
So, he called me. He said Rakesh by 5 lakh Titan 34 car value at 32 lakh Titan So, I called up my friend Amal. We called up Lucky. My little brother 5 lakh lot Titan company limited Lucky by the way Right, so I called up Lucky. Lucky said Rakesh, don't buy the share here. 90 lakh shares Morgan has to sell.
Right? He'll come into your house and give it. You have bank balance to give me that money. Right, to begin with Okay. So, I didn't have funds. I closed the 5 lakhs. Okay. Then I bought slowly slowly I bought 12 and 1/2 lakhs shares. Then 43 44 price I went to meet them. Now, you know, I've been to many Tata offices.
My meeting was at 6:00. My attitude is always take the last meeting. So, then there is no hurry to You know, it can continue late. So, my friend Ashwin had some person who he knew. He said Rakesh we will go at 5:30 we will meet him and then meet Bhaskar at 6:00. So, I went Bhaskar sits at 6th floor.
This fellow sits at 5th floor. All sexy girls young boys jeans and you can't know you're in A TATA COMPANY. YOU KNOW, YOU'RE IN A marketing hub. That was the first feeling I got. Then when I spoke to Bhaskar See, what he explained to me You know, first of all so dedicated so respectful. 6:00 he came he was in a meeting with the union.
He said "Rakesh, you sit in my room, right? You are in the conference room. I'll come in half an hour." 6:30 he came he was still smoking in the room. He said "Rakesh, you can smoke there. It will take me real time." He came at about quarter to 7:00. He sat with me up to quarter to 11:00. His wife must have called him six times.
Right? Then he told his secretary just pick the phone up. No, he would spend so much time. And what he explained to me his approach, he said "The task is difficult. We have to stop the capital and do the business." But he said "Rakesh, we'll do it. I know how it is to be done." And then I was constantly following it.
My union ended up owning more than 10% at one go. So, how did you build that conviction and then how did you say for example it's not doing well now? So, how do you manage to still stick with such a large position which is in Titan? See, I bought those shares at a various stages from 32 rupees to 125.
Right? You know, how you have to buy? So, I can buy when I have either a profit. Right? So, if you get the profit, at 56 you tell the broker buy 2 and 1/2 lakhs. Hit. So, what do you do? Then he'll hit the share up to 65 and the moment he withdraws price is 58. I mean, that is a kind of conviction you had that to have.
You know that when you if you give an order to 2 and 1/2 lakh shares, the price will go up by 10 rupees and come down by 8 rupees. So, that's why I bought Titan. I got the conviction See, one thing is there. Even today. That when India is going to boom and grow at 12%. How are you going to create an another Titan?
Right. So, I believe that it is still still not come. Whether it's in jewelry, whether it's in glasses, whether it is in watches, whether it is in they come come into free I mean sense. Perfumes. Perfumes. So, I think you can't create a Titan type of a company. And when the fixed cost when you know when the India booms really which I think it will Titan's margin will go from 10 to 13 14%.
I have not seen a company with such kind of integrity. Right and I agree that Titan is going through a difficult period. Because of the falling gold demand and also in watches but see a great company you know it will recreate itself. No so that conviction say for example I have sold some shares I sold 20% of my holding.
A year ago 6 months back. Titan went from 1600 in 2008 to 600 in 2009. That didn't shake your confidence? No because I think the best is still to come no. The best will come when India grows 12% and retail demand in India grows 30%. I still believe that I will live to see that day. That may be the time to sell Titan.
See where I am coming from is that if you tell someone over here that a stock is going from 1600 to 600 and you didn't have an idea it was going to 600 it was going down that you knew markets were overvalued and you had more than 10% of your wealth in that none of the people over here can hold. So I'm looking for that conviction.
How do you develop that conviction to hold on to that such a large position? When I invest you have a entry value. Right? You have a entry assessment and then I have feel of an exit value. If I believe that the original story by which I have by which I have entered is still alive. Right? Then why should I exit?
You tell me. So if I believe the original hypothesis by which I have invested is turned around has turned it on its head then I have no reason to sell. So you will hold it for 10 15 20 years whatever you feel the story is still playing out. Well I hope to hold it until 2020 after that I don't know what I'll do.
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