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Those who want to earn money very quickly, want to build an empire very quickly, they face all these problems when you compromise on everything, that is, you become so overconfident that you do not care about the world and then what happens after that is reputation loss. Raj ji, it has also happened that many companies maintained their integrity for many years, after that somewhere they felt that now they should also get involved in a little bit of rut and somewhere there was an error of judgment and their reputation got spoiled in that, some things do happen like companies which we say have doubtful management, there is some good management too which remains good for many years but then some reason comes up due to which it gets a little damaged, has it been like this, the market is very forgiving, it is not like that, I mean it is not like there are shades of grey, it is not like that, it is not like that, it is not like that, it is completely black and white, an absolutely honest company, an absolutely dishonest company, I mean and the market is very practical, we understand, but whenever you have gross misallocation and If you do gross misconduct, you know, then the market will have a complete doubt as to what is their terminal value.
Look, you are doing wrong things. So, right now, as long as you are in power, as long as you are in command, you will do great things, but what is the terminal value? What is the terminal value of those who are doing wrong? It is zero. So, ultimately, the stock market is all about terminal value. So, from where you have a doubt about the terminal value, that brother, this story is not going to last very long.
It is definitely going to last, but in the end, its end is bad, so the valuation of the one who has a bad end will also remain bad. Okay, Greed and Fear, we say this in the same way that we hear it every day in the market. Greed and Fear, others are greedy, be fearful. This is with Mr. Buffett, be fearful, others are greedy.
Like what happened in the digital company, it crossed my mind, still we got caught up in it. You bring up that thing every time in your interview. This happened, friend, so much, so much, Gurudev said so much, yet the same thing remains. If you have made a mistake, then be fearful, others are greedy and be greedy, meaning you can do that thing, you should have money in your pocket, I never feel scared to see it, I never feel scared, so whenever the whole world looked dark, that the world is going to end, this is going to happen, like Covid came, then Ramdev, this is the first time the course of humanity will change, okay friend, I mean everything will change, everything will happen, the market has fallen by 20%, what is it, I mean, buy into it, we have optimum, the whole market is greedy, I mean we also talked about it, at that time generally the returns from there were fantastic, you see, the index of 12000, the one of 8000, the one of 8000, the one of 2000, such SIPs which people did at that time sitting at home, they were happy, they made a lot of money, at that time the prices were falling, they were on low volume, so it did not matter perhaps, but the index got good prices, not the best at all, Ramdev Sir, you repeatedly give examples of digital companies, but I am sure you must have implemented that law many times.
And according to you, what was your best phase, apart from Covid, when you were greedy while others were fearful. Do you remember any example? Anuj, actually, I never have any money. I am 100% invested, so whether the market is up or down, I am 100% invested because my main focus is on running the company.
The company means meeting the customers, taking care of the company. I do focus a little on research, but most of my focus is on the customers and the company. So, for that reason, I am always 100% invested. So, actually, I feel that brother, if the index is at 8000, but where is the money? Well, we do not leverage.
Who knows, if 8000 becomes 6000, then we will be in a lot of trouble because the priority is to run the company, and then to do you know? Kind of aggressive bets on the investment so what is it for that reason that you can see, it means that at that time it feels bad that we do not have money, we should have some cash, but those who sit in cash, they sit in cash for 9 years out of 10 years and they get an opportunity only once in a year.
I said no friend, the better deal is to test to stay fully invested, there will be some pain of six to eight months, I think there will not be any pain even for 12 months, the pain in India is for six to eight months, you see in February it was all time high, in February 20 it was all time low, in March it became all time low and by June-July it had recovered a lot, so it is less than one year kind of pain, now that pain will have to be taken once a year and the patience that is shown at that time, in bad times that is the real patience, exactly one more rule which you like very much is power of giving, this means according to Philip, if you are earning something in the market, then not for the people, no, like this it actually means power of Giving knowledge, the biggest giving, giving of knowledge, okay what is it, what did you learn, what did you teach the world, okay, so Buffett sir has written everything, but what he distributed to everyone, see, you were so much ahead, the concept of value in 50s was very different, I mean, you should have been higher than bond, that was a kind of a thought of concept of value in 50s, 50s and 60s, then Buffett sir met him, his name is Charlie Manger, and then he decided the quality businesses are the franchisors because the return on equity is very high and the companies are not distributors and hence the valuation of the high quality businesses should be more, this is what started and what he wrote about them, he bought franchising, his journey started from See's Candy, from there it started, then insurance to the cow, so the meaning of all this, okay, after that he kept writing about it and what did he get from it Mahatmas like us who are sitting here, we poor people who were sitting here, we all learned everything from them, just imagine, sitting so far away, how many people could not do so much, so this giving, the giving of knowledge, is the biggest giving apart from this, he has donated, I think 99 per cent of his wealth while he is living, so I think he would have been worth about 250 billion dollars, richest in the world, if you count all the shares, he was holding a bank, today it is I think 115 and 120 because he has given away lot of shares to Belinda Gates and other charities, if you count all the shares, it would be about 250 billion dollars, so I think and he has given that too to various charities, added up in different ways, and I think he gave two billion dollars each to all his three kids, but basically he has given Everything while he is alive, he is actually a follower of Chuck Finney, okay, the billionaire who was, I mean, who actually gave away everything before he died.
So, Bill Gates and these two brothers, both of them want to give everything while they are alive. It is a very wonderful thought process. So, sharing knowledge and at the same time, people are able to share their wealth. This is a very big thing. Sir, is there any other instance that you remember where you regretted not following any rule or you followed any rule and then you felt very good later that look, I followed it, this was one about technology, actually in 1999-2000, some people told him that brother, you Buffett sir, in 99, a year before Coles, then he was told that Buffett sir, you must approve.
Well, Wall Street had written that day that you must agree for not investing people's money in technology companies. Yes, that much meant it was bad. Till next year, everything was fine. The whole coop was done, so he got studying the moment the AGM started without telling anything about not investing in technology, so you have no standing by, you convince one, you convinced that something is grossly overpriced, what is going on is hype, it is the same, the hype cycle that we are stuck in digital, I am telling you that hype cycle, they could ride back, so that is very important.
Okay, one last question, now you have told the gist, if someone wants to read more, or if someone wants to read about Buffett and some rules, then what would be the best way, it is a long way, you all read the entire annual report, one after the other, you get the company, nowadays, if you get anything, they get the entire combination, secondly, you should read the biography of Snowball, so that is a very good one, I think Snowball is very well organized, chronological and equally very well written, and the biography by Buffett with his consent, the biography written, so that is very good.
There are many other books, blogs, his interviews, interviews, I mean the speeches of his AGM, CNBC interviews, you are outstanding Sir, half an hour passed so quickly, I did n't even realize, we discussed so much with you and you joined us today and you said such wonderful things, thank you so much for joining us today, thank you, thank you for inviting B
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