Rakesh Jhunjhunwala, commonly known as Big Bull, a billionaire investor, died on Sunday morning at the age of 62 in Mumbai. Jhunjhunwala’s death, as one of the co-founders of the newly formed Akasa Air, is being mourned across the country, with politicians and industry titans paying lavish tributes to the late investor.
Rakesh Jhunjhunwala, an ace stock market investor and promoter of the recently founded Akasa Air, was laid to rest at the Banganga Crematorium here on Sunday night.
Jhunjhunwala, who had been ill for some time, died of a heart arrest here on Sunday morning at the age of 62. He was the son of an income tax officer and is survived by his wife and three children.
The cremation was supposed to take place at 5:30 p.m., but it was postponed due to the arrival of Jhunjhunwala’s brother from Dubai.
Jhunjhunwala died early Sunday morning at the city’s Breach Candy hospital. The hospital determined that his death was caused by cardiac arrest since he had renal disease and ischemic heart disease.
Rakesh Jhunjhunwala, the billionaire equity investor, will be remembered for his vision for India and words of wisdom that will continue to advise investors in the future.
Jhunjhunwala grew raised in Mumbai and attended the Institute of Chartered Accountants of India after graduating from Sydenham College in 1985. He was a self-made trader, investor, and businessman known as the “Big Bull” of Dalal Street.
Jhunjhunwala held stakes in more than a dozen enterprises, the most valuable of which being Titan, a watch and jewelry manufacturer owned by the Tata group. Star Health, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, and Tata Motors are among the firms in his portfolio.
According to Forbes’ 2021 list, Jhunjhunwala was the 36th richest billionaire in India, with an estimated net worth of over USD 5.8 billion (approximately Rs 46,000 crore).
11 of his best market mantras that you should know:
1. Markets are like women – always commanding, mysterious, unpredictable, and volatile.
2. Always go against the tide. Buy when others are selling and sell when others are buying.
3. Stock markets are always right. Never time the market. The only rule I have is there are no rules.
4. When there is doom and gloom, don’t forget there is darkness before dawn.
5. Stock market is above individuals. The market is rational. An individual can never be smarter than the market.
6. Never invest at unreasonable valuations. Never run for the companies which are in the limelight.
7. Always respect the price. At every price, there is a buyer and a seller. Only the future decides who is right. Learn to respect what you can get wrong.
8. The prettiest part of the stock is that it has to be cheap – the entry point.
9. Make mistakes. Make a mistake that you can afford so that you live to make another one. But never repeat the same mistake.
10. What matters is how much money you made when you were right and how much you lost when you were wrong.
11. Stock markets are full of risk. Risk is the essence of life. If you don’t [take] risk, you are nothing.