Rakesh Jhunjhunwala, a veteran investor, stock market expert, and legendary figure of Dalal Street in India, passed away on Sunday, August 14 from a cardiac arrest.
Today as we look at his journey we find that Rakesh Jhunjhunwala was the only man aside from Warren Buffet who has amassed a billion dollars through stock market investing and that too in a developing market.
Rakesh Jhunjhunwala began his stock market journey with Rs. 5,000, which, in the middle of the 1980s, was $500. He converted that amount over the course of the following 35 years to over $4 billion or Rs 30,000 crore. If you look at the compounding ratio, it has been increased in dollar terms by over 50%.
Rakesh Jhunjhunwala was born on July 5, 1960. He was a son of an income tax officer and began experimenting with stocks while still a college student. His father, who was engaged in the stock market and frequently discussed stocks with friends, was a source of inspiration to him. He also picked up his first lesson from his father, who advised him to follow the news and explained that events throughout the world affect prices. The youngster told his father that he planned to invest as he grew more and more captivated by the stock market. He chose to seek a degree in CA after his father advised him to invest his own money rather than borrow from friends and relatives.
He invested under both his own name and that of his wife, Rekha Jhunjhunwala, who is a licensed chartered accountant.
An Interesting Fact about Rakesh Jhunjhunwala was also a movie producer. Movies like "English-Vinglish," "Shamitabh," and "Ki and Ka" were produced by him. He was the chairman of Hungama Digital media entertainment Pvt Ltd.
The investor was seen as a vibrant, forward-thinking, and relentless Indian optimist who will be remembered in the investment community for his trading and investment skills, which helped many people to believe in the India narrative and provided them with many valuable insights.
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