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Rakesh Jhunjhunwala, also known as “The Big Bull,” has died at the age of 62, reportedly due to cardiac arrest on Sunday. The veteran investor, widely followed in India, had recently launched the country’s latest airline, Akasa Air.
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Humble Beginnings: Jhunjhunwala was the son of a chartered accountant and had started investing in stocks with $100 in 1985 when the Bombay Stock Exchange Index was at 150, according to Forbes, which states his latest net worth at $5.8 billion.
Ace Investments: Jhunjhunwala, who was often dubbed as the Indian equivalent of Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett, managed his investments through his firm RARE Enterprises.
“The Big Bull” made his first big profit when he bought 5,000 shares in Tata Tea using borrowed money, believing the markets had underestimated the potential of a firm looking to grow at a time of rising yield production, according to Reuters. He trebled his money within months, the report said.
Jhunjhunwala has stakes in around three dozen Indian companies and is known for his one-liners like “the trend is your friend” and “the only rule I have is there are no rules,” Reuters reported.
One of the most famous picks by the great investor is ‘Titan,’ which makes jewelry and watches. The stock has grown 82 times since he first invested in the firm, according to Business Today. He, along with his wife, owns over 5% stake in Titan, according to the shareholding pattern on the Bombay Stock Exchange.
Jhunjhunwala also holds stakes in other well-known Indian firms such as Tata Motors Ltd. TTM, Crisil and Federal Bank.
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Image and article originally from www.benzinga.com. Read the original article here.