Going beyond stock tips to reveal how conviction, context & courage shaped India’s most iconic investor
If Session 1 of Business Unusual 2025 was about choosing the “third option” in leadership, Session 2 was about mastering the art of looking past the noise. Titled “Investing the Rakesh Jhunjhunwala Way: Stories from the Stock Market,” the session brought together Nandini Vijayaraghavan and Sudhir Variyar in a compelling conversation moderated by Aurodeep Mukherjee which was more like a masterclass on mindset.
There are many lessons that we can get from Rakesh Jhunjhunwala who built his entire way of investing on something else: “paying attention to the business, not the noise around it.”
The starting point was a lesson that defined Rakesh Radheshyam Jhunjhunwala or simply ‘RJ’, the ‘Big Bull’ of Dalal Street: pay attention to the business, not the chatter around it. The reference was telling. Even recently, when three companies RJ once invested in saw their stock prices drop by 25–50%, the instinctive reaction would have been panic. Instead, the Jhunjhunwala philosophy urges investors to see such moments as opportunities – to pause, study, and understand the business better.
What was the scene? The easy narrative was when Harshad Mehta crashed, then Ketan Parekh – that was when Rakesh Jhunjhunwala rose!! It was complex: RJ’s rise overlapped with their fall. Always look beyond easy narrative – for leaders need the full historical context.
RJ’s legacy, as the speakers underlined, was built on several remarkable firsts. He was India’s first professional investor to enter the Forbes Global Billionaires list, the first Indian investor to sign the global philanthropy pledge initiated by Warren Buffett and Bill Gates, and a rare asset-class agnostic investor who made money across listed equities, private equity, trading & even Bollywood films. Unlike earlier “Big Bulls” whose stories ended in controversy, RJ stood apart – scrupulously lawful, deeply respected, and trusted!!
Perhaps most staggering was the performance of RaRe Enterprises, the investment firm he founded. From inception until his demise, the portfolio delivered an astonishing 62% annual growth, making it the second-highest-performing investment firm globally. Numbers aside, what fascinated the audience was how this was achieved.
Drawing from her book Investing the Rakesh Jhunjhunwala Way, Nandini Vijayaraghavan systematically unpacked RJ’s investing psyche – placing it not just within balance sheets, but within India’s socio-political and economic evolution. Responding to the first question on RJ’s placement in the financial ecosystem, she remarked, “All humans are a product of the times they live in.” For readers, she stressed, it was essential to understand the backdrop of Dalal Street. “This is not just a book about RJ,” she said, “it’s a book about India and its capital markets.”
Sudhir Variyar added historical depth, recalling how 1991 was a pivotal year. It was recalling India’s libralization pride! In 90s, figures like Rakesh Jhunjhunwala showed that India was full of opportunities. Reducing peak import duties from 170% proved our industry could compete, ushering in a crucial shift from self-doubt of 70s/80s.
Pre-2000, India lacked the industrial ecosystem and capital access that entrepreneurs enjoy today. RJ entered the markets at a time when the economy was opening up, opportunities were raw, and conviction mattered more than credentials. India has benefited enormously since – but as Sudhir noted, “we still have a long way to go.”
On RJ’s impact on retail investors, Nandini offered a sharp insight: “All progress depends on unreasonable people.” She observed that RJ brought transparency to hardcore investing and played a major role in India’s transition from a nation of savers to a nation of investors. He didn’t just invest money – he invested ‘confidence’ into the market!
Sudhir echoed this sentiment, noting that as the economy opened up, India began to look like “the place for opportunity.” While India may have many Big Bulls, Nandini declared that the most fitting title for RJ was “Mr India.”
Describing his investing style, Sudhir captured RJ perfectly: “He had a trader’s reflexes and an operator’s mindset.” RJ could straddle both worlds with ease. He thought like an owner-operator, influenced people intelligently, and, most importantly, never lost sight of the “big picture”. On risk, Sudhir was clear: risk management is contextual. Conviction matters. Without it, you risk selling yourself short.
RJ borrowed to trade, stayed relentlessly on top of situations, and, crucially – had no ego. As Nandini noted, if things went wrong, he unwound positions swiftly and moved on.
The session closed with powerful takeaways. RJ, much like Warren Buffett, understood his advantages and limitations. He had clarity of vision, the ability to visualize outcomes, and the patience to wait. As Nandini summed it up beautifully: RJ’s life was about dreaming boldly, acting decisively & waiting patiently.
In a market obsessed with speed, RJ’s story – retold at Business Unusual 2025, was a reminder that greatness comes from seeing what others miss and staying ‘unreasonable’ long enough to make it work.
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