Wednesday, April 23

From a CA to India's Warren Buffet - RAKESH JHUNJHUNWALA - Famous CAs (Part 2)

Rakesh Jhunjhunwala (born 5 July 1960) is an Indian investor and trader. He is a qualified Chartered accountant. He manages his own portfolio as a partner in his asset management firm, Rare Enterprises. Jhunjhunwala was described by India Today magazine as the "pin-up boy of the current bull run" and by Economic Times as "Pied Piper of Indian bourses". He is also known as India's Warren Buffet.

He admits to having been a bear in the Harshad Mehta days and believes that investors should be like chameleons. He has said that the markets are temples of capitalism and believes that they are the ultimate arbiters.

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Excerpts from an interview given to the Economic Times (Published on October 23, 2009) -

When you first ventured into the stock markets, it must have been a huge gamble 20 years ago. You qualified as a CA, what made you take that step?

My father was also interested in stocks. When I was a young child, he and his friends would drink in the evening and discuss about the stock market. I would listen to them and one day I asked him why do these prices fluctuate. He told me to check if there is a news item on Gwalior Rayon in the newspaper, and if there was Gwalio Rayon's price would fluctuate the next day.

I found it very interesting and I got fascinated by stocks, I self-taught myself. My father told me to do whatever I wanted in life but at least get professionally qualified.

I was always a reasonably good student so I took up chartered accountancy. In January 1985, I completed my CA. I told my father I wanted to go to the stock market. My father reacted by telling me not to ask him or any of his friends for money. He, however, told me that I could live in the house in Mumbai and that if I did not do well in the market I could always earn my livelihood as chartered accountant. This sense of security really drove me in life.

Like the Fake Steve blog, there is a popular parody blog called The Secret Journal of Rakesh Jhunjhunwala that humorously parodies the Investor's life.

On June 7, 2012 the authors were revealed by The Economic Times to be two people . For the first year, Forbes columnist and American Mark Fidelman and for the remaining years Aditya Magal from India. Jhunjhunwala was reported to have had a meeting with Magal in his Mumbai office (ET).


In 2010, Forbes rated him India's 51st and the world's #937 richest man with wealth running into billions. As of today his forbes rating is -
#1372 Billionaires
#45 in India
#1161 in 2013
#61 India's Richest

Sources:
1. Wikipedia
2. Economic Times
3. Forbes

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