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Yes, I know you are one of the most successful people in investing. This is probably one of the most successful decisions during the COVID period. How did you make this decision and when did you decide that you really wanted to bet on the market this time? You see, I don't know what comes to my mind and how and why it happens.
So I can't gather all the reasons into a pile. No, no, I just... But you know, when there was an extreme in May, there was a lot of fear in the market, and I knew about three or four stocks. Tata Communications had a deal for 9 million shares at 235. And within a month the stock was worth 800, 900. So where is that typical bottom where there is a huge trading volume and the stock just bounces back?
So there were five or six such cases. The fear was at its peak, and the assessment was incredible. The telco had a market cap of Rs 25,000 crore on sales of Rs 3 lakh crore. I thought the bet was absolutely in my favor. Of course. So, there is so much panic, and the market is showing the exact opposite and the highest level of distrust.
Of course. And then, you know, people think they're very smart, but we're also guided by how the markets react. Of course. And the market simply refused to fall. Of course. So... All these years you've only talked about assessing the market in a broad sense, and then about your own point of view. Can you explain to the audience watching us today how exactly you form this overall view of the market?
Because having known you for 25 years, if I had to name just one of your strengths, it would be that you have a phenomenal sense of what's happening in the market. You see, with 35 years of experience in the stock markets, we have a certain understanding of companies. Of course. You know, I think I owned every company in the Nifty index or sometimes sold them short.
Of course. So, I have some idea about... Absolutely. Then we monitor what is happening around. Of course. In India and internationally. Of course. Is n't that right? And then we look at price movements. Of course. And you know, my behavioral science is just people's reactions. Of course. If I go to a party tonight and no one is talking about the stock market—the market is going up.
Of course. I understand that people are not participating. Of course. And you know, markets can be very tricky sometimes. Of course. But they are what they are. We must accept them. We cannot change them. Of course. Is n't that right? So that's how we judge. And you know, we don't have any formulae, no algorithms.
Yes. The only rule is the absence of rules. Of course. It comes from our mind, and I can't, I mean, I can't explain why it comes. But the thought comes, the understanding comes. Of course. Thank you very much. Nikunj, I am in Delhi right now , but I will use an example from Mumbai. And this is just for our viewers, the people who are here, and those who will watch this interview later.
If this bull market, Mr. Jhunjhunwala, were a train ride from Churchgate to Borivali, where would we be a year after this rally began? We would reach Andheri station. This is the next station after Churchgate. No, because I think we underestimate two things. The potential and reality of what India's economic growth will be like.
And secondly, we are a country where, you know, 600-750 billion dollars are saved. What money is coming into the stock market? And what are the alternative investments? So, and remember one thing: profit breeds even more profit and investment. And if we look at the situation in the world, where else is such growth possible?
And with current interest rates abroad, you know, 5% profit in dollar terms—that's phenomenal. And I don't see interest rates rising in America, you know, and inflation above 2%. The Bank of Japan continues to print money, but there is no inflation. And if there is no inflation in these aging societies, where will interest rates go?
So I think there's still so much growth and so much capital ahead. I hope so, and I think so.
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