Any interaction with Rakesh Jhunjhunwala was bound to have its share of interesting one-liners, anecdotes or investment mantras.
In an interaction more than a decade ago, the ace investor had said Bhaav bhagwan hai, hum kadradaan hai price is God and we just need to appreciate that while talking about trading and accepting reality.
And the man from Rajasthan's Jhunjhunu was no exception when it came to waiting for the right opportunity or perhaps even losing one!
In 1991, Jhunjhunwala took a huge bet on cement major ACC even though he felt that the overall market valuations were quite high and even ACC was quoting at very high valuations.
The fundamental analyst and number crunch told him that the cement major recently had its best quarter but he sold the shares at around Rs 3,500 only to see the stock surge to 10,000 after he sold.
A few years later when he was asked about this incident, he said that it was a valuable lesson that while fundamentals matter, one also needs to look at overall market sentiments as well.
He was a big bull in a true sense. In 1989, when some of the biggest names of the market were bearish as V P Singh came into power and Madhu Dandavate was named finance minister.
There was a buzz that the government would opt for a socialist budget with new taxes being introduced ahead of the budget. Jhunjhunwala was bullish. He believed that the prime minister who was a Thakur understood business and he would never allow a budget that was unfriendly to the business community.