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has passed away the legendary rakesh chun jinwala is no more he's passed away at the age of 62. he's known to be india's warren buffet he breeds his last the big bowl of the last street dies in mumbai the billionaire was the promoter of akasa air an arden believer in the india story he pledged india for time ayga trinidad had multiple health issues declared death at bridge candy hospital this morning and rakesh jin jinwala the man with the midas touch uh he's known to be the big book of the last street warren buffett of india he is sadly passed away he is no more that is the latest grim news coming in this morning that's rabbi the managing editor of bttv now joins us our sheath of business today also joins us on this broadcast i want to first begin with siddharth very grim news the entire world of business has woken up to he was only 62.
he was touted to be the man with the midas touch and what a genius passes away at 62. how do you remember him well i would like to begin chaiti by offering condolences to his family his spouse and partner who stood behind him like a rock reika his other family members including his cousin amitabh jung and the millions of admirers for whom he represented the great indian opportunity you know uh i don't know how many people think about it why was he called the big bull or like as you put it india's warren buffet because he represents the india opportunity the scope and possibilities that entrepreneurship have given to people in india uh a person who came from a a bureaucrat's family a middle class family starting out with just 5000 rupees and today a net worth of upwards of five billion dollars all in an arc of around 37 years or thereabout in the stock market so in these four decades rakes union wallah had seen everything that was right and wrong with india's economy and growth story because the markets are fundamentally interlinked with the economy they have tracked india's growth they have tracked even the pitfalls they have they reflect the mood and sentiment the the sensex and the nifty chatty as you yourself would know are perhaps the barometers of the potential and possibility of india's economy and that's why rakhi jungwala was someone who youth looked up to i remember hosting him at a very very crowded uh uh ask rj session a sort of master class on equities a few years back the hall was jam-packed this was the bombay stock exchange auditorium um and with me was my colleague and i remember people just didn't take his autographs people were there asking and for him to bless their children and while there are many stereotypes and you know those cliches about the market and uh you know some of the negatives what rakes taught a lot of people was that you could be a good stock picker and picking the right stocks and that reflects in his own portfolio that he has maintained of which he himself admitted that there were times where all the or that i i do remember that the last street used to always watch out for the stock that rakesh wala has ended up picking i mean that was the power of rakesh in jinwala absolutely and you know one quick point that i also want to speak about as i hand it back to you jadi is is that while there is a greed and fair index with respect to the markets he made two things very very clear and he would say this every time in different words in his own sort of style he was in some ways very outspoken as well there were two things he said he said uh getting 20 returns is the best that you can expect so he used to tell people don't get greedy because this is one more sort of misnomer and a lot of people get into the market thinking and he would always say don't believe in that and the second was patience he would always say the markets and investing not just in equity you could take that broadly across the personal finance the safe invest prosper kind of theme that we ourselves talk about so often he would always say patience is the biggest virtue for any sort of investment
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