India’s top stock investor and founder of Akasa Airlines, Rakesh Jhunjhunwala, breathed his last on August 14. Building a massive empire from smart investments, Jhunjhunwala was often dubbed India’s Warren Buffet. But did you know that Jhunjhunwala was not a big fan of this moniker?
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. Much like Buffet, Jhunjhunwala, too, made money by investing in the right places. However, Jhunjhunwala did not find it a “fitting” comparison when he was called India’s Buffet.
In a 2012 interview with Reuters, the ace investor said, “It is not a fitting comparison. In terms of wealth and success and maturity, he is far, far ahead.” He added, “I am not a clone of anybody. I am Rakesh Jhunjhunwala. I have lived the world on my own terms. I do what I enjoy. I enjoy what I do.”
Jhunjhunwala, over time, had become an indicator for other people who were looking to invest. Known as the investor with a Midas touch, he enjoyed a large following where people used to try to mimic his investing decision. People used to focus on what he was holding and would invest accordingly. Jhunjhunwala became one of the richest people in India with a net worth of $5.8 billion.
Jhunjhunwala had his arms in various organisations but the most valuable holding of the veteran was Titan, a subsidiary of Tata conglomerate, as per a Forbes report. He started sipping into the financial markets while he was still in college. A son of a government employee, Jhunjhunwala’s first major profit was when in 1986, he bought 5,000 shares in Tata Tea. In three months, the stock was trading at triple of what Jhunjhunwala bought them for. Since then, there was no looking back.