Lessons from a legend

The untimely passing of investing legend Rakesh Jhunjhunwala is a sad event indeed. Jhunjhunwala is an inspiration for a whole generation of equity investors. I won't say 'was an inspiration' because the inspiration will stay even though the man has gone. While I'm reading things about him both on social media and the legacy media, I'm struck by one rather unfortunate fact. There's too much focus on how much money he made on the markets and too little on what was different about the way he invested. To you and me, or to anyone who is just starting out equity investing, it does not matter whether he made Rs 20,000 crore or Rs 40,000 crore. The real point is somewhere else entirely. Jhunjhunwala's investing was characterised by locating good investments and then going big on them - very big. Big both in time and in volume. To be fair, there are ple