Ace Investor, Shashwat Bharat Bullock, 62. dies on

Jhunjhunwala, also known as Big Bull or Warren Buffett of India, a nickname he didn’t like much, was rushed to Mumbai’s Breach Candy Hospital on Sunday morning following a sudden cardiac arrest. He is survived by wife Rekha and three children.

His death drew condolences and tributes from government leaders, politicians, businessmen, fellow investors and legions of admirers. His portfolio and public comments have been one of the most eagerly tracked in the Indian markets over the past two decades.

Chartered Accountant Jhunjhunwala began his investment journey in the mid-1980s, when the stock markets in India were in their infancy. But his love for the markets was developed in his childhood, when he saw his father and advisor—an income tax officer—invest in the markets. The ace investor rides on India’s market corrections for its modest growth 5,000 of initial capital approx. 32,000 crores at last count, making him the 36th richest Indian and one of the top 500 richest people in the world.

While Jhunjhunwala was known for his stock-picking skills and holding on to winners for decades, the veteran investor also made big bets on startups and private companies, including India’s newest airline Akasa, health insurer Star Health and Allied Insurance and footwear retailer Metro. Brands included.

However, his two most prominent wealth makers are rating company CRISIL Ltd and jewelery and watch retailer Titan Ltd, which is still the most valuable investment in his portfolio. The investor first bet on the struggling Tata Group firm in the early 2000s. The stock has risen more than 26,000 times since 2005.

In many ways, Jhunjhunwala’s personal journey and the explosive growth of his portfolio mirrored India’s growth as it underwent reforms in the 1990s, opened its markets to foreign investment and shed its socialist leanings.

But unlike some other “Big Bulls,” his legacy won’t be tainted by scandals. Harshad Mehta, to whom the title was given, was the kingpin of one of the biggest stock market scandals of the early 1990s and spent his last days in prison. Another contender for the throne at the turn of the century, Ketan Parekh, was the same. Ended up in disgraceful circumstances.

Unsurprisingly, tributes were paid to India’s most successful investor. On Twitter, Prime Minister Narendra Modi condoled his demise, saying that Jhunjhunwala has made an indelible contribution to the financial world.

Tata Trusts Chairman Ratan Tata said in a statement that Jhunjhunwala was known for his jovial personality, kindness and vision.

Uday Kotak, founder of Kotak Mahindra Bank Ltd, recalls his school and college mate saying: “One year my junior. The stock India is believed to have been undervalued. he is right. Surprisingly quick at understanding financial markets.”

Both have graduated from Sydenham College of Commerce and Economics, Mumbai.

While many of his fans follow his every move, it is not as well known that he was a perfect family man, had no grudges in the dog-eat-dog world of financial markets and was a big-hearted philanthropist.

A former employee who worked with him on the private equity side, remembers a day a decade ago when he lost his father in the wee hours of the morning when opening the initial public offering of a company on which he sat. was. He remembers Jhunjhunwala saying, “Don’t worry, I’ll handle it here, you go to your family.” (Don’t worry, I’ll handle things, stay with your family.)

Jhunjhunwala had a softer side to his hard-driving business Pisces, exemplified by the partnership firm he founded with his wife two decades ago—named Rare Enterprises. The first two letters of his and his wife’s name are Rakesh and Rekha on the rare.

His close family members also remember that he had no grievances against the promoters of companies in which he held a stake, even though they felt that their actions were not in the best interest of the shareholders. A well-known wealth manager close to him said, “He speaks his mind, never backs down, but he has no desire to take revenge on anyone, which is rare in business.”

Another lesser-known aspect of Jhunjhunwala was his altruism, bestowed upon him by his late father, who taught him that no less important was the amount of money earned than how it was used. Jhunjhunwala once remembered his father and asked him, “How much tax have you paid and how much have you donated.” Taking his late father’s wish to heart, he donated 25% of his annual income to charitable work focused on education, which saw him debut in the EdelGive Hurun India Philanthropy List 2021 alongside Wipro’s Azim Premji.

Behind the lucrative profit they generated was a mind that understood human behavior as well as the working of companies. He combined the training of a chartered accountant with the visionary ability to look into the future, choosing the companies and people who steered him on the latest whims and flavors of the season.

Whether it was partying at the watering hole on Marine Drive, at least one of which, Geoffrey’s, he made popular with his appearance, or at the television studio where he often dodged the anchors and gave the audience a clear view of his remarks. Used to laugh with, Jhunjhunwala was the original.

While Jhunjhunwala had his share of tussles with the market regulator, he settled most of the wrongdoings without admitting them. Unlike Warren Buffett, his tendency to sometimes rely on people’s anecdotes or risky anecdotes also began to wear off, being related to less conscious times.

The risk taker became a symbol for a generation of investors by showing that an ordinary person could make a fortune with disciplined and informed investing. Certainly, there were many stock picks doubles in his four-decade-long career. But the ace investor corrected it too many times, which he did not, leading to unprecedented gains.

He will be remembered for his tireless promotion of the story of India.

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