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Because this is a market where ₹10 things sell for ₹100 ok and ₹100 thing you can buy for ₹ 10 so what is important is to buy that ₹100 thing in to ₹10 but to buy a 10 you need to understand the value of the company. So you said that there is no teacher in the market. The market is your teacher and you are selling by making mistakes.
Yes. What were the biggest mistakes that you made and what were the learnings from those mistakes? Tell us, walk us through the point when you were just about to commit a mistake, what decision you made after that mistake, what were its ramifications, and what you learned. There are many such mistakes which we avoid.
So he doesn't know what could have happened. For example, let me tell you that when we started talking about Harshad Mehta in 1990. So, we're kid like, ah I was 30 or, about ah 30 years, or that ah 33 years old. Right. OK, just about in the market. Membership and in hand. Ah no money in pocket just about a lakh and 10 lakhs or something.
And Harshad Mehta bull run starts. This some mother of all the bull runs. In 91 92. You Guys Can't Even Fathom What Happened. Now when that bull run started, it meant we started making money like left, right and center. In 19 months made 30 crores and you started with 10 lakhs from zero yes in fact I was negative 10 lakhs and I met 30 crores I have no speculation you were not trading you I was not doing trading yes so then you know ah one day I met ah Harsh Mehta himself yes ok and so ah they offered ah I mean ah I could have because I knew him I could have done business with him.
But I decided not to do business with him. So why ? Because that was a risk I was seeing that they are very big guys. We are very small. I could be in trouble. So let's avoid that. We will go slow. So in the market the greed you have to control your greed. We are the guys who have not controlled their greed.
And They Have All Fall By The Way Side. This is a market of greed and greed and fear. Hmm. And and Greedy Guys. And Fful Guys. Ok? So, ah ah when you're outside, you I mean you're fearful. Enter the market. When you enter the market and then you start winning little by little. Bigness luck, then, or bigness luck and whatever.
You will start, no, no, you will make money because this market is full of opportunities. If you are educated, you are keen to learn, you will learn. And you understand the value and market gives a lot of opportunities to figure out where to get 10 things for five? Yes. Ok. And Then You Have the Friends Like Me and Somebody Will Be There to Guide You.
Look Nis, this one is available cheaper. And then there's a lot of common sense. Common sense has to be applied in this. Brother, this thing is so big and wrong. This sentiment is absolutely wrong. Got it? Then you will understand that. Meaning keep tea cement company. You will understand that 20 cement company miss price.
So you will understand it gradually. As soon as you understand it, you will understand it and then you will become greedy. Hey friend, I earned only Rs 1 lakh on top of Rs 1 lakh. Earn 5 lakhs to earn lakhs. Got it? Then I came to know that I had also earned Rs 5 lakh. Are ? Hey friend, 5 lakhs is too less, give it to me.
Let me buy a flat. I want to earn crores. What is this worth crores now? Mounting the grid. That has to be controlled. How to Control Greed. How have you kept your greed under control? So no no I would consider that we will not speculate. I did not speculate in my life for 40 years. Two This Is One of the Biggest Shop Where Speculation Happens.
Right, and you started with When Speculation Was at Its Peak. No, no peak is no. Speculation Was There and So We Never Speculated. Second I never bore. In Personal Balance Sheet I Never Borrow. I never bore. So, what happens to that? In the stock market one of the things is you can commit mistakes. So your 100 will become 80 70 60.
But you will never go to zero. 20 30% and then very quickly it comes back. And then you make money because your bad time is over and you will make money for two to three years. And then again there will be correction. And Then Again So You Know It's Like This. But it's one where when I came into the market in 1980 the index was 100.
Sensex was 100, today it is 72,000, right? So I've Seen the Market 720 Times in My Life. Now tell me what does recession look like in this? Nothing. That's what happened, but there has also been a very severe recession. The market for one person has fallen by 60-60%. Hmm and in that you have also dropped 50% down many times.
It has definitely fallen. So what I'm saying is that you have to learn to live with those down turns. When can that happen? When you are not bored. I did 100 of one. 100 becomes 30. Okay friend, I am feeling bad. But I am not on the road. Right? From 30 will again start the journey. We started from zero.
Zero to 10. From zero to 30. From 30 it became 10. From 10 it became 100. From 100 it became 30. 30 became 500. The one which was 500 became 250. The one which was 250 became 2000. Gonna back 1100. The one with Rs 1100 became Rs 3000. So this is a reality of life. You understand this. This is how it's going to be.
No matter how you do it, there is no option at that time. This is the nature of the market. Once you are reconciled in the mind that too good is not reality and too bad is not reality. As you reconcile this, it does not mean that you will go up or down with the market. Then you say I'm in for the long haul.
I will get 15, 20, 22 taka but the component will be made. But sometimes it becomes 100%. Yes. But then for the next three-four years there was nothing. So having that greed under control that brother, my car is going to run with just 20 taka. How is this going to play out? So mine will double in 3 years.
It will not double in a year. We will quadruple in 6 years. It will become eight times in 9 years and 10 times in 10 years. So I am reconciled to that. That I have to increase it 10 times in 10 years. Do n't make me 10 times in a year. Otherwise it may happen. So in this you have to teach yourself that is why the books have to be read various disciplines I mean how do you learn patience so there must be a lot I mean you will listen to all the spiritual topics also yes you will find in lessons also a lot of so how to bring patience one is the knowledge of value second is then your behavioral aspect should be patience.
And how do you develop that which behavior aspect? He was saying listen listen you see what is the reality in life brother from my point of view there is no guarantee about the market right when the market falls then it is reality so what was this experience we experienced it four times yes when I started in 1990 it was zero Harshal Mehta is saying I got 30 crores 30 became 10 I understood how it became 30 and how it became 10 but I said brother look if you call 30 as 10 then it is a very sad thing, if you call zero to zero to 10 then hey friend there is a lot of money, do n't fool yourself by doing this.
Then 10 became 100. We knew it was 100%, then it would be a shock. Straight 30 brother, 80 out of 100, 70, 30 straight second cut off 60%, so after facing all these problems you have become like this. If someone says I have a portfolio of Rs 3000 crore. It is going to become 1500. I am considering 1500 crores.
Because I am considering zero as my base level. That is finished. But now what I mean to me is that it seems to me like a mission type thing that this 3000 is not 3000, it can be 1500 or 2000 sometimes, so there is no tension in the mind, yes there is no tension in the mind, it falls, so brother, friend, I don't like it to fall, but I have taken it as a like when you do Anulom, then you will do Vilom, go there, Anulom Anulom Anlom, you can do it in the market like this Anulom Vilom Anulom Vilom but on rising track, hmm.
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