저자: AparajitaSharma · 외국인
요약 보기
이 영상은 인도 전설적 투자자 라케시 준준왈라의 생애와 투자 철학을 다룬 책 'The Big Bull of Dalal Street' 출간을 소개하는 인터뷰다. 책의 배경: 저자는 준준왈라에 대한 주류 서적이 없다는 점에서 책을 기획했고, 가족 등 가까운 인물 접촉에는 어려움이 있어 동료·친구·브로커 등에게서 비공식 일화를 모았다. 투자 스타일: 어린 시절 아버지가 주식 얘기를 하는 것을 보고 시장에 관심을 가졌고, 평생 주식에 몰두했다. 리더형 투자자였으며 경영진 미팅을 통해 기업과 산업의 미래를 판단하는 능력이 있었다. 종목 선정에 고정된 공식은 없었지만 가치가 어디에 있는지 포착하는 능력이 뛰어났다. 실패 사례: DHFL 투자는 2013년 극저평가 밸류에이션을 근거로 '일단 사고 나중에 조사한다'는 방식이었으며, 결국 기대와 다르게 흘렀다. 2018년 최악의 분기 실적 때도 추가 투자해 저자들도 놀랐다고 평가한다. 교훈: 투자 상품과 종목의 위험·보상 비율을 스스로 이해할 것, 남을 따르기보다 리더가 될 것, 인도 성장에 대한 신뢰를 가질 것(낙관론 기반). 책에는 배울 점뿐 아니라 피해야 할 점도 담겨 있다. 책은 아마존 등에서 구입 가능하다고 소개되었다.
다듬은 글
Respect the market, have an open mind, know what to stake, know when to take a loss, be responsible. This is what Rakesh Jhunjhunwala, India's iconic stock market investor, often used to say. But his life was more than a story of stock market success. Hello and welcome. You're watching Business Today Television.
I'm Tanya Aneja. And in this episode, we'll try to understand why Rakesh Jhunjhunwala was such a success at doing what he did in the time that he spent in this world. And with me is Aparajita Sharma. She's financial journalist, uh certified financial planner, and also co-author of this book, uh The Big Bull of Dalal Street, How Rakesh Jhunjhunwala made his fortune.
Thank you so much, Aparajita, first of all. Thank you for calling me here. It's such a pleasure being here at BT Studio. So, Aparajita, first of all, many congratulations. I mean, fantastic reviews coming in. So, how did this idea come about? And you know, when did you plan? When did you start? Take us through your journey.
Exactly. So, uh Neel Borate, my co-author, um so Neel and I, we were working on some other book related to personal finance. And uh when this happened in August, so someone suggested that why why don't you write about a book about Rakesh Jhunjhunwala? And uh and we had to go ahead with it because when I started my career in May 2014, then uh that was the very first time when I got to know about Rakesh Jhunjhunwala.
So, people want to know about Rakesh Jhunjhunwala, and that was the very first time that I discovered about this person. And I got very curious about it that he has such huge popularity because during that time, if you remember, uh it was election year, and Narendra Modi had just become Prime Minister.
And I'd only seen his popularity on chart beat. The moment you upload his stories, it will be on the uh top on the chart. Right. So, I I loved it. And going forward, obviously working um with stock market desk, I had to do such stories related to Rakesh Jhunjhunwala sir. So, when I got this opportunity, I thought why not we have to do it?
And I will get to speak to so many people closer to him. Obviously, I'll discover more about him. And eventually, I can tribute him. Right. Uh when we discovered that there is no book on Rakesh Jhunjhunwala in the market. So, this is very first mainstream book about Rakesh Jhunjhunwala that is out out there.
So, I really wanted to highlight that part that Rakesh Jhunjhunwala, such a legendary investor, and not a single book about him in the market. So, this is the very first one. Wow, so good to hear that. And also, Aparajita, Dalal Street loved The Big Bull. I mean, his investment style, his, you know, stock picking techniques, and whatnot.
Uh so, what were the traits and techniques, you know, that uh that made him the Rakesh Jhunjhunwala? See, he uh Rakesh Jhunjhunwala is was a very unique person, and stock market was his passion. So, when he was a child, he uh he simply observed his father discussing stocks with his friends. And he curiously asked him about it that why what is this thing and what exactly happens in stock market.
Then his father told him about one stock that this news has come out in the newspaper today, and tomorrow you will see that the stock will move. So, Rakesh Jhunjhunwala's father told him so. And then uh he started tracking. This is how he started tracking stock market. And since childhood, he was very too passionate about it.
Right. So, I would say that he was dedicated to it full-time, 24/7. It was his only passion. That is why he could he could turn so big. And obviously, his skills, he did have that skill. He had that unique persona, and he was not a follower. He was a leader. So, he will meet management. He will have that vision to understand about stock, about a company that yes, this company in this sector will perform better in future.
So, yeah, a lot of things. His stock picking, I won't say that he has a fixed pattern of picking stocks, hm but he had that unique ability to uh spot where value lies. Okay. And coming to that only, Aparajita, so I can see, you know, there are chapters on stocks like Titan and Crisil. I mean, which really worked out well for him.
And then there's a chapter on DHFL, which went wrong. So, what did you learn from his stock picking techniques? And anything that you would like to share with our viewers, you know, as far as um you know, stock picking techniques are concerned? So, Rakesh Jhunjhunwala, yes, he was a legendary person, but no person is flawless.
Everybody makes mistakes. And Rakesh Jhunjhunwala did make such mistakes. So, in this book, we haven't uh we haven't written only positive things about him. We did focus on mistakes that he made, and also things that you should not learn from Rakesh Jhunjhunwala. That is that part is also there. So, about DHFL, um so, in one of interviews with Ramesh Damani, he mentioned that uh DHFL stock was trading at cheap valuation, dirt cheap valuations in 2013 when he discovered that stock.
And uh in that interview, he mentioned that such dirt cheap valuations made me realize, investigate later, buy invest now, investigate later. That is what he told about DHFL uh in that interview to Damani. So, he focused on valuations and went ahead with it. And later on, obviously, things did not transpire the way Rakesh Jhunjhunwala had visioned.
And in 2018, when DHFL when this company had its worst quarter ever, Rakesh Jhunjhunwala invested in that company. So, that was really surprising that he could not find I mean, he could not find flaws in this company and went ahead with it. So, yes, people make mistakes. So, that is Absolutely. Absolutely.
And also, Aparajita, it must have been, you know, a tough assignment for you because there is nothing specific that is available on Rakesh sir. And you know, uh there are no research material that is available. So, if you can, you know, touch upon that. So, uh it has two aspects. One, uh Rakesh Jhunjhunwala was a public persona, and he would often give at least uh video interviews on TV channels.
He would not uh give uh print interviews that those many interviews, but at least TV channels, he was quite frequent. And in August, he died. And just a week uh before, he did give an interview to CNBC uh to Shereen Bhan. So, um so, he was a public persona. So, a lot of content was already there. But obviously, we wanted to focus on some hidden aspects about him, something Rakesh Jhunjhunwala as a person, as an investor.
We already know him as a person who he was and how he became a uh big bull of Dalal Street, all those aspects. So, we uh wanted to meet such people and go in detail about it. But initially, we faced challenges because obviously, it had just happened. We went to uh family. We went to Utpal Seth also, everybody.
But uh obviously, that was difficult moments for them, difficult time for them, and they would not have uh felt comfortable talking about him. So, we could not get those people. But obviously, we could still find uh his ex-colleagues, his friends, his dealers, brokers he worked with. So, we did find a lot of people who spoke candidly about him, some on record, some off record.
So, that is how we have worked on it. So, at on one hand, the content which was already there, we were compiling it, picking important information. On the other, we were trying to meet people so that some hidden stories can come about. So, yes, this book have this book has a lot of anecdotes about Rakesh Jhunjhunwala that every all readers will knowing about it.
Absolutely. Undoubtedly, yes. And also, there's a chapter on what you can learn from Rakesh Jhunjhunwala. I'm sure there are many things that we can learn, and we are still learning. But still, you know, any three, four major learnings that, you know, you realize that okay, this is very important if you are a stock market investor, or maybe, you know, personally as well, that you would like to share with our viewers.
Yes. So, one, um you have to understand the investment product that you are investing in. So, this is my takeaway from him. If I were to say what I have learned from Rakesh Jhunjhunwala, one, you must understand risk profile, risk-reward ratio of any investment product or individual stock that you are investing in.
You have to understand it. You don't have to listen to others that they have suggested a stock tip they have given or you are investing in it. You have to understand by yourself. You have to have that conviction in that investment product or individual stock. So, that is very important. And in the previously, I mentioned that be a leader, not a follower.
So, that is a very important learning. And then, his conviction about India. He was a former bull, a big bull of Dalal Street. And he spoke always spoke positively about India. So, and it's not that he was biased about India. It's just it was his hidden it's inbuilt optimism optimism about country. So, in '90s, when his friends would invest in MNC stocks, then he will say, "Kyun MNC mein kyun invest karta hai?
Kya hamari India mein achhi companies nahin hai?" So, he he used to say he did invest in couple of MNCs later on. But he was a an optimistic India optimism uh person. So, this is second thing that you have to believe in your country. If you feel that future your future is going to be bright, then you have to trust in India.
Because if if you are investing in stock market, and then you have to have that belief that India's GDP will grow. And if India's GDP has to grow, then those Nifty 50 companies, all those top companies have to grow. So, that India optimism is very important. And um then these two are main important things that I would say.
Okay. Absolutely, he was an optimist and used to believe in India's growth story. He was Yaro Ka Yaar, as everyone says. So, this book will actually take you through Rakesh Jhunjhunwala, um you know, his early days as a trader, and then his journey from being a trader to an investor, which really helped him build his fortune.
And I actually can't wait to read my copy, and I think you should grab your copy to write a project up. Exactly. So this book is available on Amazon in Twitter and even bookstores near you. So you can very easily fetch this book and if you have some feedback you can write to me and share it with me and you're really going to love this book and I I just spoke about things that you can learn from Rakesh Junjunwala but also focus on things you should not learn from Rakesh Junjunwala.
That is also there and that is my favorite chapter. So yes, do grab your copy and share feedback with me. Okay, absolutely. So with that let's wrap up this episode. Stay tuned for all the latest market updates and don't forget to follow us on our various social social media platforms like Facebook, Twitter, LinkedIn, Instagram.
So with that let's wrap up this episode. Many thanks for watching. Thank you. If you like the video, do like, comment, share and subscribe.
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