India’s largest equity investor and founder of Akasa Airlines, Rakesh Jhunjhunwala, breathed his last on August 14. Jhunjhunwala built a vast empire of smart investments and was often referred to as India’s Warren Buffet. But did you know that Jhunjhunwala was not a big fan of this nickname?
With a net worth of $103 billion, Warren Buffet, known as the Oracle of Omaha, is one of the most successful investors of all time. Like Buffet, Jhunjhunwala also made money by investing in the right places. However, Jhunjhunwala didn’t think it was an “appropriate” comparison when he was called India’s Buffet.
In a 2012 interview with Reuters, the top investor said: “It’s not an appropriate comparison. In terms of wealth and success and maturity, he is far, far ahead.” He added: “I am not a clone of anyone. I am Rakesh Jhunjhunwala. I have lived the world on my own terms. I do what I like. I enjoy what I do.”
Over time, Jhunjhunwala had become an indicator for other people who wanted to invest. He was known as the investor with a Midas touch and enjoyed a large following where people tried to emulate his investment decision. People used to focus on what he was holding and invested accordingly. Jhunjhunwala became one of the richest people in India with a net worth of $5.8 billion.
Jhunjhunwala had his weapons in several organizations, but the veteran’s most valuable asset was Titan, a subsidiary of Tata conglomerate, according to a Forbes report. He started sipping the financial markets while still in college. The son of a government official, Jhunjhunwala made his first big profit when he bought 5,000 shares of Tata Tea in 1986. In three months, the stock traded at triple what Jhunjhunwala bought it for. Since then, there has been no looking back.
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