This was the reason for Rakesh Jhunjhunwala’s untimely demise
The death of India’s most well-known stock investor, Rakesh Jhunjhunwala, also known as the country’s Warren Buffett, on Sunday (14 August) sparked a flood of condolences for the self-made millionaire whose fortunes grew alongside the nation’s economy.
According to hospital officials, he had been ill for a few days before passing away on Sunday at Mumbai’s Breach Candy Hospital. His sudden cardiac arrest, or heart attack as it is more often known, was the direct cause of death. Because Jhunjhunwala had ischemic heart disease, even though cardiac arrest is a heart stoppage, it was more of a heart attack. In everyday language, this means that the blood flow to the heart muscle is insufficient and may be caused by blockages in the heart muscle, with heart attacks being one symptom of that.
His diabetes and chronic kidney disease, two additional illnesses he had, only made things worse. Some of his acquaintances assert that he was on dialysis and that both of his kidneys had failed. Jhunjhunwala had to routinely travel to the Mumbai hospital, Breach Candy, where he was being treated.
His health problems worsened to the point where he had to stay in the hospital for about four months in the preceding six months as a result of hospitalizations. He was obese, which only made matters harder, and he didn’t give up drinking or smoking. However, the end of a colourful life surprised a lot of people, and sincere tributes are still coming in.
The news of his death came a week after the debut of his low-cost airline, Akasa Air. He was looking weak while advertising the carrier. His wife, whom he used to call as his sole client, and his three children are left behind. He also left behind stakes in about thirty Indian companies as well as a string of catchphrases like “the trend is your buddy” and “the only rule I have is there are no rules.”
The business tycoon, whose estimated net worth was $5.8 billion, was honoured under the direction of Prime Minister Narendra Modi.
“Rakesh Jhunjhunwala had unbreakable strength. He leaves behind an immeasurable contribution to the financial world and was full of life, wit, and insight “Modi tweeted his condolences to the Jhunjhunwala family as well. His most recent endeavour involved helping to start the budget airline Akasa Air, which made its inaugural flight last week. Local media stated that Jhunjhunwala was spotted at the launch in a wheelchair.
The airline expressed its “great sorrow” at hearing of his passing. According to a statement from Akasa, “We at Akasa cannot thank Mr. Jhunjhunwala enough for being an early believer in us and putting his confidence and faith in us to develop a world-class airline.” Jhunjhunwala was famous for taking chances in the market and with his investments, earning him the nickname “Big Bull” of the nation’s Bombay Stock Exchange.
Financial Background:
Jhunjhunwala, an income tax officer’s son, said that he had developed a fascination with stocks as a young boy as a result of seeing his father manage his market assets.
Jhunjhunwala started out in the stock market in 1985, when he was 25 years old, using $100 that he reportedly borrowed from a relative. Later, he founded Rare Enterprises, a company whose name was derived from the first two letters of both his own name and those of his wife, Rekha. He was known for taking calculated risks with his investments, many of which were extraordinarily profitable.
According to a Forbes story from 2021, Jhunjhunwala “earned his famed Midas touch by picking winning equities,” but he has also lately begun to realise the returns on his private equity investments. He predicted that the third-largest economy in Asia, India, was “entering a golden period”, while talking to CNBC-TV18, he hoped “my fellow Indians are as optimistic as I am.
” He expressed his dislike for the title “India’s Warren Buffett” in an interview with Reuters ten years ago, noting that the CEO of Berkshire Hathaway was “far, far ahead” of him. “I am not a clone of anyone. My name is Rakesh Jhunjhunwala “He’d stated. “Trading and investing are all I’ve ever known. There is nothing else I want to do in life. The day I die, I’ll call it quits.”
His Golden Words:
“Never invest at unreasonable valuations. Never run for companies which are in the limelight.”
“You do not succeed without obsession.”
“Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it.”
“Always go against the tide. Buy when others are selling and sell when others are buying.”
“Stock markets are always right. Never time the market. The only rule I have is there are no rules.”
“When there is doom and gloom, don’t forget there is darkness before the dawn”
“You have got to catch the vital points. You are investing in a future which is uncertain. You cannot predict it beyond a point.”
“Always respect the price. At every price, there is a buyer and a seller. Only the future decides who is right. Learn to respect, you can get wrong.”
“Make mistakes. Make a mistake that you can afford so that you live to make another one. But never repeat the same mistake.”
“Nothing is Right or Wrong. What matters is how much money you made when you were right and how much you lost when you were wrong.”
Talking about risk, he said, “Beware of this four-letter word. Only invest what you can afford to lose in the short term.”
“Trading is Not for All The by-heart trader used to say that not everyone can make money from trading. “Daddy khud cigarette peete the, magar hume mana karte the.”
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