저자: RameshDamani · 외국인
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This show of ours is a podcast format. In this, I also talk a little about your journey. When you started investing in the stock market, what were your thoughts when you started, and did you know then that you would one day become one of the biggest investors in India? I mean, what were those transition phases?
As very kind of you to say, I think respectfully, I would not call myself, I think I am a student, rather than a leader in the markets. I've had great mentors like Anuj, so that helped me out. I imagine when I came to the stock market in 88-89, the index was 800, today it is 80,000. But the first three-four people I met were Rakesh Jhinkola, I met RK Damani, I met Durgesh Bhai, all the people I would have met were India's Varun Buffett, Charlie Monger, Peter Lynch.
So, I was so lucky I met to meet the best investors of our generation. In the first few days, I came here and my father. I was also from the stock market, so he could have understood the fundamentals great, just to give you context, in the 60s and 70s, the market was very small, it used to close down, China was closed down, when the Gold Control Act happened, it closed down, but my father used to read even at that time magazine called Time and Economist and he would understand companies like Nestle which was Indian Specialties at that time, KSB Pump and I think only maybe in summer 2000-2005, I realised that the opportunity was so great ahead of me, so if you ask me a question Ramesh, if you were in college, if you thought you would be here today, would you be happy or would you be sad and I would say if I was in college and you told me that I would be here, I would say not possible, I don't think it would happen, or else I would be dismissed out So the fact of the matter is I am far ahead of the curve, I am even dumber than I am, luckily okay, but I am equally unhappy with my life and I am unhappy not because in terms of money, but because the opportunity was so great ahead of me, I could only earn a part of it and that doesn't bother me, not any other part.
If you go to the Olympics, you want to win the gold medal, if you act in films, you want to win the Oscars, how do you consider yourself the best? If you can include that opportunity, and I was not able to do that because of my own short-sightedness, but I hope that the next generation that I mentor, my kids, my grandkids, will be able to take advantage of it.
You once said that you took the example of I think medal, you said that perhaps when you identified it, 100 It had a market cap of crores, it probably had a market cap of 200 crores and you mean in effect what that meant was that if you buy 5 bottles of medals it would cost you less than the cost of a flat in South Bombay even at that time 100 bottles of medals would sell for five, in effect you have to think like that and the lesson that I had to learn from that it looks like an opportunity in India then you to back up the truck and buy it, of course it is very hard to do it is easy for me to say in these podcasts but it is difficult to do am I getting better yes have I got there no the guy is really good in that, of course old friend Rakesh did bet without fear he so poet about it and directly take a stake on pa pa who was not afraid of 10 15 pa so it is necessary to learn from him that if the stars align you need to bet and what do you need to learn from a stock market expert that you learned from Rakesh so you I told you that this position sizing bet needs to be taken, big bets.
What did you learn from Radha Krishna Damani ji, for example, I mean, he is in my opinion one of the great listeners of the world. I mean, it's really an important attribute. Those 10 people will keep talking, they will keep listening, they will never give their opinion. I saw it in Flame. When I went there, right, he was just an extraordinary listener and he knows how to evaluate the information that he gets, but also the integrity he brings to the market place.
I've learned so much from him. You know, he's almost like the elder brother never had us. Absolutely good. Ramesh Sir, if retail wants to make money in the stock market, then what things will have to be kept in mind because a little bit of a risk factor seems to be that the market is quite elevated.
So, do we have to lower our expectations of returns from here or should we keep the kind of returns we have got in the last four years? We will keep meeting you in future also, you know nobody knows that Anuj nobody can say that but people always ask me this question and as I told you the bull market came in 2019 in the index of 0, 40000, 50000, 60000, 80000 everyone ask me this question and here is my standard answer the best time to invest in India was 1991 when Manmohan Singh set up and gave the interim budget, he liberalized and changed the country forever the next best time to invest in India is today you know you just got to invest I mean you can't win unless you play this game okay unless you are in the stock you can win you have to find businesses and hold on to good businesses so try and find a good business up and down it part it's not like a game of cards that you just packed it up and left it out you have to remain invested in fear to provide it I think so Many studies have shown that the maximum gain comes in the minimum amount of time.
If the 20-20 circuit is hit for two days, it will not work for two months after that, you will know and if you miss that time or try the market, you will not make money. So the important lesson for retail investors is not timing the market as they try and do it in time, but time the market. Once you gave the example of Crisil in Rakesh Jhunjhunwala's portfolio that it did not move for 10 years and after that, in one and a half years, it made a lot of gains.
I mean, I have a shake-up watch again. I am not recommending it for any reason. The AC that I had studied in my portfolio for 10 years, 100 became 500 but the dividend was coming, the company was doing well. Only after the Covid hit, steroids and 500 became 7000, you know the trend. So many examples like this, that businesses when they move, you don't know but you want to Buy good businesses and hold on to them and just because they go down and have a bad quarter there is no reason to sell this and just because you think the stock has doubled then sell it, all this is stupid talk, great businesses compound for many many years, so I laugh a lot at people who don't understand, they say I bought it for ₹1 and it became 200, so half my bet is free, hey your shares are going to run only two times, if you sell them then how will you make money, you know the rest you will make losses in any way, you know if you hold on and force a move you lose 100 times your money cover all the mistakes you make, so Ramesh sir how do you make that decision, then if you have invested in a stock then how do you decide whether to invest here or not, it is valuation, I mean like you buy a thing worth one rupee for 20 paise and sell it when it is worth one rupee.
If you think it is overpriced, fundamentally not because the market can overprice anything, it matters, but we feel that we do not understand the business. This is a market cap of Rs 2 lakh crore, Rs 3 lakh crore. According to me, I will not give Rs 25 crore for that. You know that time you take some money out of the table.
But the thing is, your entry credit is very strict. You want to buy great businesses at cheap costs, but you can wait a little bit. Well, Ramesh Sir, nowadays, and then I think George Fernandes' name was discussed in that, so if you tell that story to our viewers once, I mean, the history of Indian backwater, as you know, Anuj ji, there was no interest in it, then if you remember in 1977, Mrs.
Gandhi was defeated and the Janata Party came to power and the Industry Minister, not mistakenly, was George Fernandes, a non- socialist. So, when he came, he was against MNCs and he Said whatever MNC is there in India IBM Coke left India and diluted the share holding below 40% and they left the country we are not going to allow them ownership for what ever reason socialism was the buzz word at that time so what did companies do IBM left India but here is the good news they promoted a company called CMC which took over the business the contract CMC got listed went from 20 bucks to 2000 bucks that was the great opportunity that we got they decided to dilute share holding in favor of public offer Colgate diluted it Coke left India and went because they wanted to buy the C form but the companies that remained in India and gave the share holding a great base of good companies to invest in and that led to this great bull 92 in India open up we were ready in the financial market of China Struggle for China for 40 years didn't know what the stock market was for them to understand it and have good companies taken years and years to rebuild our country India loves had this universe of good companies why they have this universe there was an accidental accidental reason of George Farnaz telling them to get out of the country so in a manner of speaking a lot of old timers always say that the father of the Indian stock market was George Farnaz but the guy also taught me that how compounding works was an old man who no one called Chandrakant Sampad he is the guy who actually came to office and told me something growing at 20 and I was in MBA mind you and he was in MBA and yet he was able to teach me this most important lesson in the stock market that money is made through compounding through waiting through sitting through High quality business there are no tax consequences no fiction of buying and selling we just hold on, we make a ton of money and I think I would give him a lot of credit for understanding long term investing in our time, in our lifeline also we may perhaps see a similar turnaround because when this happened I was not even born so maybe I too will get to see something here I ask this question to many senior people in the market having 40-50 years experience and the question goes this what is the best decade to invest in Indian market was it the 80s, was it 90s, was it 2000, was it 2020 and all the old timers tell me the best decade to invest in India is the next decade okay the future is brighter than the past hum log itna paisa bana aaye hain I use to feel the same way in the In 1980, I came back and saw that these people have made money, they have made money in the name of ACC, they have made ITC, now what opportunity do I have, there was no opportunity, I came to know about it in the next 40 years, the opportunity that we will see in the next 10-20 years will be the age of entrepreneurship in India, there will be so many changes in energy, so many chances in technology that will empower even in advanced countries like America, where do you get opportunity in America, in the last 20 years you got so many companies, so opportunity is always there, all young entrepreneurs have got so many companies, as we go through capitals, it requires change, death and rebirth, okay, and people who understand that will continue to profit from it, so in India, do you think many entrepreneurs will come forward in the next 10-20 years, 100% of them will be Absolutely zero doubt in my mind there is absolutely zero doubt that it could be a good time for the stock market, a good time for investors and a good time for entrepreneurship in India.
I think democracy almost demands that you know what the best example is. If you look at the US, look at the 500 and look at the Sensex, look at the way they are in 1980 and look at the way they are in 2040. 50 years later, 60 years later, most of the components have left. There are new companies, new blood, new ideas.
Like in life, in the stock market, the best is yet to come. I would think so, so I am definitely hopeful. So, I may not live to see another 10, 20 years of what will happen in the stock market. But if you ask me, I feel that investing for the next 30 years is as much fun as it was the last 30. Years and Age One Buffit said that if you could have a pill to live longer, he would give a large part of his money, but he would retain his, you know wisdom and his health, so you could continue to invest and see the Great Indian Experiment What happens?
No, Ramesh Sir, your health is excellent and you are absolutely fit and I would like that you remain fit like this for the next 20-30 years and keep sharing knowledge with us in this way. Thank you so much for joining us today. We will end this episode on this wonderful note and Ramesh ji, it was a lot of fun talking to you today. Thank you and I always have a deep honour to be with you. Thank you.
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