New Delhi: Rakesh Jhunjhunwala, the self-made stock-market king, passed away at the age of 62 after suffering from multiple health issues. The veteran investor whose net worth was $5.8 Billion was often called “India’s Warren Buffett” in reference to the American investor-god and philanthropist. On being referred to as ‘India’s Warren Buffet’, Rakesh Jhunjhunwala once said that the Berkshire Hathaway CEO was “far, far ahead” of him. “I am not a clone of anybody. I am Rakesh Jhunjhunwala,” Rakesh Jhunjhunwala told Reuters in an interview.Also Read – What Was Rakesh Jhunjhunwala’s Net Worth?
Why Rakesh Jhunjhunwala Was Dubbed As ‘India’s Warren Buffett’
Warren Buffett, one of the biggest investors and business magnates of United States and current CEO of Birkshire Hathaway, is often referred to as “Oracle of Omaha”. As his Indian counterpart, Rakesh Jhunjhunwala came to be known as “Oracle of Dalal Street”. The similarity between the two mavericks was that they both had midas touch, the acute ability to gauge market changes and invest accordingly. Prices of share would rise the minute these pioneers would buy them. The Indian bull, though, was one of the first generation of investors who benefitted from the 1991 liberal reforms.
- In 1985 at the age of 25, Rakesh Jhunjhunwala bought his very first shares, that of Tata Tea, at Rs. 43 per share and within three months, the price rose to Rs. 143 per share. Warren Buffett owned his first share when he was 11 years old and filed his first tax at the age of 13.
- Rakesh Jhunjhunwala owned a long list of companies including Tata group’s Titan Company Ltd. Titan’s stock is the biggest holding in Rakesh Jhunjhunwala’s name, in terms of amount. Warren Buffett too, runs Berkshire Hathaway, which owns dozens of companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen.
- Big bull also owned Tata Motors, Indian Hotels, Geojit Financial Services, and had recently listed his own firm Star Health and allied insurance on the stock exchanges.
- Rakesh Jhunjhunwala had also ventured into the aviation space this month with Akasa Air taking its first flight.
- Buffett’s father was a US Congressman, whereas Jhunjhunwala was the son of a Incom Tax Commissioner.
The greatest similarity between the two were their long term investment styles. Both investment magnates gave similar advises when it came to investments:
“Give your investments time to mature. Be Patient for the World to discover your gems” – Rakesh Jhunjhunwala said
“Someone’s sitting in the shade today because someone planted a tree a long time ago,” – Warren Buffett
Rakesh Jhunjhunwala and Warren Buffet – Both champions of their field had advised on keeping patience in investments to enjoy the fully ripened product.
Rakesh Jhunjhunwala was the 440th richest person in the world according to Forbes and 38th in India. The investment magnate started his career with a mere sum of Rs 5000 in his pocket. He had recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air — India’s newest budget carrier. The airline began commercial operations this month with a maiden flight from Mumbai to Ahmedabad.