저자: Dr.AniruddhaMalpani · 외국인
요약 보기
Rakesh Jhunjhunwala와의 개인적 인연과 그의 인품(소탈함, 호기심, 일관성, 자선활동)을 회고하는 대담. 투자 철학으로 장기 관점, 끊임없는 학습, 창업자·투자자 상호 실사(due diligence)의 중요성을 강조. 자산 가격 전망은 언급되지 않음.
다듬은 글
Well, let's dedicate some time to investing now, and it's fascinating that I'm talking to a doctor who is also an angel investor. So this will be something very fascinating, in the sense that you have been a professional in the medical industry and also an angel investor. And we also learned that you had an incredible relationship with Mr.
Rakesh Jhunjhunwala, who was one of India's most renowned investors and made a name for himself throughout the stock market ecosystem. How did your relationship with him begin this conversation, and what are two or three anecdotes or incidents you remember about him? Well, I owe a lot to Rakesh. I mean , the guy was extraordinary.
Very few people are like that. Because, I mean, he was full of stories, he was very simple, very down-to-earth, he didn't care about being politically correct. He was one of those guys who called things by their name and didn't care what other people did. So that was great. And he was a patient. So, in that sense, it was a stroke of luck.
Therefore, there was a very deep relationship. In the sense that he was saying, "Dr. Malpani, you are my doctor." "Whatever you say, I will trust." And then I reciprocated that trust. I told him, "Boss, I don't know anything about investments." I was the only person outside his family whose portfolio he managed.
Oh. And I asked him, do you know why? He says, "You know, one thing I like about you is that you don't ask me questions." "Don't ask me why I bought Titan." " Why did I do this?" "Why did I do that?" "You trust me implicitly, and I respect that." The reason I didn't ask was because I didn't understand anything.
But that's something completely different. So I learned a lot from him. I think his most outstanding characteristic was curiosity. I was always learning. He was a very , very cultured person. Everything was wonderful. And that's the best thing about being an investor. In fact, there's a great book called The Last Liberal Art.
And investing is the last of the liberal arts. Because you need to learn about financial technology. You need to learn about artificial intelligence. You need to learn about supply chains. You need to learn how to read a balance sheet. You need to make sure the entrepreneur isn't taking advantage of you .
You know, so it's not just theoretical knowledge to learn. You have to do it because, hey, guess what? It's a matter of risking your own money. So, a lot of interest. And then I would hang out in his office, very close to my clinic. And you learn a lot by being a spectator, and by osmosis and things like that.
So that was a blessing and a long-term perspective, playing the long game, willing to go against the grain. Uh, lots of things. So, I think that was very helpful. The relationship began when he was a patient. That's how it started. He has three children. Understood. And then, um, like any interesting conversation you've had, you remember a lot that, yes, this was something very interesting.
So, uh, a lot of times, you know, people, he would appear on television. He said several things, you know, that many people criticized him for. And I loved the fact that he would say, " You know, this is what I think and I'm not ashamed to say it." This is my opinion. And I have the courage of my convictions to be able to...
And what was great about him was his consistency. It's not that he said one thing one year and then changed his story the next year or contradicted himself. So, if you look at their Titan, you know, that's a great example . It was simply, no, I believe in this and I'm going to...The other great thing about him is that he's very philanthropic.
In the sense of, you know, boss, I have more money than I need. What do I do with my money? So he donated to causes like Agastya. He donated to hospitals because he had a lot. He had the ability to write checks. That's also very, very inspiring. Because, you know, money is just that. What else do you do besides that?
So, I think I learned a lot. And in fact, thanks to him, so, you know, what do I know about all this? But thanks to him, you are introduced to a whole circle of investors, the stock markets. So, your horizon changes considerably. I think that's the fun part of it. So, if not, then what? Doctors talk to other doctors, accountants to other accountants, and they keep complaining.
That 's normal, isn't it? Patients are idiots. This is that, the government is interfering, and all that stuff. Whereas, when you look around as a stranger in someone else's world , in that sense, you're a bit like an anthropologist, if you know what I mean. You're looking at the same world with a different lens.
Then, you look at things very differently. Don't just focus on this, this is my practice, this is my thing . What are other hospital chains doing? How are they doing it? What is their customer acquisition cost? You know, 50 different things that are all strange words. Doctors think they are very intelligent, but they are financially illiterate.
You automatically have to acquire some of that. So that was fun . You said there are many fake bankers and entrepreneurs also have many terrible experiences. Can you give some examples of what has happened? No names. Yes, yes. But everyone says, "Yeah, you know what?" "I will get this, I will raise these funds." Then they make all this boasting about their connections.
"I know Nitin Kamath, I know Motilal Oswal, I know this one ." "I'll make the presentation." You know, and then they say, "Okay, let's have a cup of coffee." They make the entrepreneur pay for the coffee and give them all those false hopes and things like that . And then: "Okay, we need to design a pitch." "But your pitch isn't very good." "But I have someone who will design the pitch for you." "But that's going to cost you 10,000." And then: " You know, we need to rehearse and we need...that'll cost you another 30,000." They act like they're 80 years old.
And the problem is that entrepreneurs are naive, immature, or stupid. They simply get carried away by that LinkedIn profile. They do no due diligence. Just as an investor does due diligence on an entrepreneur, please do your due diligence on the investor as well. There's no free lunch. Everything comes with conditions.
You should understand that the money I give comes with conditions. Please understand that the difference is that I am very open about what I do. So everything we do, we do openly. We built it. So we don't just say this to our entrepreneurs. So, Malpani Ventures has its own investment thesis. We shared it.
The important thing is that I then have to back up my words with actions. The only thing that matters to me in my life right now , Kushal, is my reputation . So if I say one thing and then do another and I get exposed, that would be terrible for me. Whereas if I write things down, then I have to say this is what I said and this is what I'm going to do.
So I think it's good. It's fun. And since you had a very strong relationship with Mr. Rakesh Jhunjhunwala, I'm sure you also met other investors like Mr. Radhakishan Damani, etc. Again, an extraordinary guy. If you met him on the street, you wouldn't even realize that he is one of the richest men in India.
Really. So it's not like those other famous billionaires who walk around with bodyguards, Maybachs, and things like that. So, very, very sensible and very simple, and you know, I mean, I love the guy. Do you have any particularly interesting conversations or stories? What I love about him is that, even for D-Mart, he gives Neville a lot of autonomy to run it, which I think is a great achievement.
And he had this vision that, well, okay, this is all initially self-produced. Great example of an initial startup. Now, everyone will say, "Oh, but he did the startup and took money from the stock market." Everyone took money from the stock market. So everyone is making a start. But he used it. He did not take the money prematurely.
It did not dilute . He did nothing else. So, and so strongly spiritual, so strongly religious, so deeply rooted. I mean , you know, when you talk about ethics, he's the man. Very, very close family ties. You know, I mean, most other families, you know how they are, are completely dysfunctional. You have a patriarch and everyone else is lazy and this and that.
He doesn't do that at all. Oh. This is something to learn from. A lot, a lot. I was talking to someone and someone was telling me that he is basically someone who is a very, very good listener. So, for example, if there's a board meeting or any meeting where there are 10-15 people, he'll make sure to be the last person to speak and the first to listen to everyone.
It's usually like there's a senior person, he's the one who will speak at meetings and he's the one who will lead the... What's that called, Kushal? It's called the hippopotamus syndrome, the highest-paid person in the room. And that's typically what happens. And that typically happens in an IAS bureaucratic office or a ministerial office.
Because then, once the minister says, "Everyone who disagrees has to shut up." And everyone agrees. So that's all, but I'll also tell you one thing, he listens , but he gets straight to the point. No beating around the bush. So, you know, boss, these four things aren't right. You want to create a subsidiary, you want to do this.
Don't come at me with that. This is business, this is point A and this is point B. Show me how you're going to get there. If not, look for someone else. If you learned something new in this video, share it with your friends and subscribe to this channel so we can bring you the best content possible.
Also, if you want to watch the full episode, click on the link in the description box and you can go to Kushal Lodha's YouTube channel to watch the entire podcast. Thank you so much for watching this and have an amazing day!
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