Titan Stock: Why Rakesh Jhunjhunwala Invested in Titan? | Kushal Lodha Clips

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故 Rakesh Jhunjhunwala와의 투자 경험 회고. 2004년 Titan 투자 시 포트폴리오 20% 초과에 대해 리스크 관리 관점에서 재고를 제안했으나 Rakesh는 기업 결함이 없으면 그대로 두라고 함. 트레이딩과 투자 병행의 중요성, 사람 읽기 능력, 빠른 의사결정, 직관적 방향성 중시를 강조. Titan 경영진 발표 시 5개년 예측이 과도하다는 피드백을 받았으나 매출은 2009년 예측을 초과했고 이익은 6개월 뒤 초과함. 자산 가격에 대한 향후 1~3개월 방향 예측 발언은 없음.

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01. I remember when Titan became more than 20% of our portfolio and to him and I said from a risk management perspective we should um reconsider this. And then he was like Is there anything wrong that you find in the company? If no, then please don't come up with all these fancy things. Um A second, I came up with in 2004, I came up with hypothesis that we should not do trading and we should only do investing.

02. And I made a whole presentation on it and he said great work. [snorts] He said trading is what keeps me in the flow. Trading is what keeps me on my toes. It makes me conscious of opportunities and threats. If I don't do trading it's it won't it won't be me. And that again was the genius of Rakesh. That he could be a great investor and a great trader at the same time.

03. Have a few people who rarely I've seen anyone who's a great trader as well as investor because both of them require different kind of skill sets, right? And he was like one of them. Do you remember your last interaction with him? And how was it? So, he passed away on 14th August 2022. I remember that on 5th July 2022 uh I was in the US with my family.

04. But his children were also in the US. And we'd all we were all together on the 4th of July to watch the fireworks. And we'd all gone out for dinner. And we had called him from that dinner to wish him happy birthday. Not realizing that that was the last time we were wishing him happy birthday. And while that was not the last time that I met him, but it's just that that memory is very vivid because my family and his children, we were all together.

05. Right. him on a remote basis. How many years did you work with him very closely? We became great friends in 1997. And till 2022, so 25 years. So, which is your favorite place that you've traveled with him and any memorable incident from that trip? We used to travel to Singapore and Hong Kong more Hong Kong, but both Singapore and Hong Kong frequently.

06. Um in the context of one of our investing companies Aptech which had a joint venture with a Chinese company. And those were the out of India trips. But in India we would go visit companies periodically. Like when we first went to visit Concord, I remember I had taken a 5 50 a.m. flight. And he was like, "What are you doing?

07. Why are we taking a 5:50 a.m. flight?" Especially because I remember the previous day we were out somewhere and he was drinking till at least 1:00, 1:30 a.m. But it never dulled his sharpness. No matter what. And we landed at Ahmedabad at 7:00 around 7:00 a.m. And by evening 5:00 p.m. we had a term sheet with Concord Biotech.

08. Wow. Wow. That was very fast. So he used to take decisions very quickly, is it? Yes. So if he likes the company, then within a span of a day like he'll invest. Wow. Again, one of his great capabilities was the ability to read people. I think most analysts, most most investors don't realize the importance of the ability to read people.

09. And I think he's also He was exceptional. Right. And I think he's also he was also very straightforward and like frank as a person, right? Like if he wants to convey something, he'll say it bluntly. Like for example, he brought up I think brother that he told me He take where something on uh when you were convincing your water stock, right?

10. Yes. Yeah, he would wear his heart on his sleeve. Um he would be very, very vocal. He had an independent opinion. He had a strong convictions. And he was not afraid of saying it. Let me respond to the earlier thing that you mentioned that beta may who charlie to Jake would. Um that happened during uh one of our visits to Bangalore.

11. And um the company in question was Titan. We were to make a presentation to Titan. [snorts] And my colleagues and I had visited Titan factory etc. 2 3 days prior to that presentation to the management team. We were making a presentation to the management team, not the management team making a presentation to us.

12. And as part of that homework uh we'd built our hypotheses uh and projections. So, Rakesh he came in the previous day around 6:00 p.m. and he said, "Are you ready with the presentation?" And I said, "No, we are not." He said, "Take it banale. I'll come back." He went out with one of his friends to have some drinks, came back around 9:10.

13. He said, "Hogaya?" I said, "Still work in progress." He said, "Take it with your numbers to take out." So, we showed him the Excel spreadsheet. And that is when he said those words that beta may who charlie to Jake knowing that I don't drink. But he felt my numbers were maybe unrealistic. And the next day when we presented that, we got the same feedback from the management team.

14. But those five-year forecasts that we showed to the management team in 2004 were actually the top line was actually exceeded in 2009. Oh. Wow. The the actuals exceeded the forecast. But not the bottom line. The bottom line was exceeded six months later. So our forecasts were not very far off, but they appeared to be very unrealistic in 2004.

15. But it is I think a tribute to Rakeshji's greatness that he did not superimpose his opinion on mine. He allowed me the freedom to say what I felt. And then take the feedback from the management team also that it was unrealistic. Um and so on. And which is where um one of Rakeshji's greatness was that he was more focused on the direction rather than the destination. Getting the direction right is far more important.