Rakesh Jhunjhunwala, Partner, Rare Enterprises in conversation with Nikunj Dalmia & Madhu Kela, Founder, MK Ventures, at the Times Network India Economic Conclave 2021.
Madhusudan Kela is an Indian businessman and investor He was chief investment strategist at Reliance Capital until 2017.[2] He is currently the promoter of MK Ventures and a member on Board of various companies.
The late legendary investor Rakesh Jhunjhunwala exemplified this when during the March 2020 crash, he asked fellow investor Madhu Kela to stay away from the market but changed his view in just 2-3 months as clarity emerged.
“When Covid happened, I called him on the day Nifty was at 7,600 during lockdowns and asked him – ‘kya lagta hai bhaiya’ (what do you think about the market). He asked me to stay away. A few months later when the Nifty hit 9,000, he said ‘bangdi bech ke laga de’ (buy even if you have to sell bangles) in his typical style,” Kela said.
On seeing the ‘Big Bull’ changing tracks, he questioned why he told him to sell at 7,600 and buy at a higher level of 9,000. “He said nobody knew what would happen due to Covid, but today I know that this is not that big a virus to threaten the entire community. It was life threatening but he was clear that it is anyways a virus, The market veteran, who was close to Jhunjhunwala, said he took one of the biggest bets of life during Covid.
“He shared his deepest trade secrets with people like me. He would explain what he learnt in the last 30-40 years. He explained how to think and evaluate a company,” Kela said, adding that he learnt how to take risks and make big bets from him.
On comparing Jhunjhunwala with Warren Buffett, he said it is unfair as there are people who have made more than him but there can only be one RJ.
Synopsis
“He shared his deepest trade secrets with people like me. He would explain what he learnt in the last 30-40 years. He explained how to think and evaluate a company,” Kela said, adding that he learnt how to take risks and make big bets from him.
