Who inspires Rakesh Jhunjhunwala: This veteran investor who had a blockbuster IPO

Investment wizard Rakesh Jhunjhunwala’s success in the stock market may have inspired many investors, but where does India’s Warren Buffett derive his inspiration from?

Rakesh Jhunjhunwala revealed that he admires top hedge fund manager Stanley Druckenmiller.

Investment wizard Rakesh Jhunjhunwala’s success in the stock market may have inspired many investors, but where does India’s Warren Buffett derive his inspiration from? Hint: Rakesh Jhunjhunwala’s inspiration had a super successful IPO last year and is himself a veteran investor. In a recent article interview featured in Firstpost, Rakesh Jhunjhunwala says that his father and Radhakrishnan Damani have had a lasting impact in his life.

Yes, it’s Radhakrishnan Damani, the  founder of Mumbai-based hypermarket chain, D-mart, whose IPO received a blockbuster response, getting subscribed by more than  by a staggering 104.48 times at the end of the three-day bidding in March-17. Interestingly, shares of billionaire Radhakrishnan Damani-led Avenue Supermarts, which runs the D-mart chain have returned more than 318% since its public offer in March. The market outperformance of the shares had led Ashburton Investments, a prominent investor in Infosys say that it missed the bus on D-Mart. Notably, billionaire investor Radhakishan Damani, ranked 12th on Forbes India Rich List 2017, with a net worth of $9.3 billion.

 Rakesh Jhunjhunwala revealed that he admires top hedge fund manager Stanley Druckenmiller. Notably, Stanley Druckenmiller had worked alongside George Soros from 1977 till 2000. The duo famously bet against the British pound in 1992 and made massive profits. He shut down his $12 billion hedge fund Duquesne Capital Management in August 2010, citing “emotional toll.” Interestingly, the fund had a stellar record, with an average annual return of roughly 30% and no single money-losing year on record. According to Forbes, his net worth stands at $4.7 billion as on date.

Investment maestro Rakesh Jhunjhunwala, whose portfolio value topped Rs 15,000 crore in October-17, started out with a meagre Rs 60 as stipend. In a recent interview to CNBC TV18 Rakesh Jhunjhunwala said, in response to how much stipend he got in the beginning, “I got Rs 60 in the first year, Rs 80 next and then Rs 90.”

How did he get into investing in the markets? “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 Gwalior Rayon’s price would fluctuate the next day,” Rakesh Jhunjhunwala revealed in an interview to ET Now in 2012.

http://www.financialexpress.com/market/who-inspires-rakesh-jhunjhunwala-this-veteran-investor-who-had-a-blockbuster-ipo/1002881/