Moral code of Big Bull: 'Respect people for who they are, not for what they have'

Moneycontrol revisits the investing philosophy of late Rakesh Jhunjhunwala on his first death anniversary.

Rakesh Jhunjhunwala was celebrated for his success in wealth creation and envied for his chutzpah, which sometimes bordered on the offensive, especially when speaking about women.

There was his oft repeated quote, which was on doing both investing and trading, and which he even put on a presentation slide when addressing students at the FLAME University in 2013: “Have both a wife (investing) and a mistress (trading); and learn to keep both at peace”.

It can set anyone’s teeth on the edge but the late Jhunjhunwala, in his own words, “never cared a hoot” about other people’s opinions.

That self-assuredness, which some may see as smugness, was at the top of his list of personal beliefs when talking to students of FLAME University a decade ago.

“I care for my conscience,” he said, adding, “not for people think.”

Moral code

He paraphrased the Kishore Kumar song to explain himself: “Kuch toh log kahenge, logon ka kaam hein kehna… yahan toh sita ko bhi badnam kiya”.

(People will always talk, that is their preoccupation, they didn’t spare even Sita from their harsh judgement.)

That said, the rest of his list of beliefs reflected a strong personal moral code, a fighting spirit, and an optimism that tipped its hat to reality.

Though third on the list, he places the belief that “means are more important than the ends” above everything else.

Jhunjhunwala said, “This is the most, extremely important thing… I cannot vary my means for the end.”

Adding that a person must set his/her own code, he said, “You do what your conscience allows you to do, but that does not mean that you vary your means."

His dismissiveness of people’s opinions extended to “adjectives in life”. Sixth on the list: “All adjectives in life are temporary and transient, therefore don’t be overwhelmed by wealth, success or any other adjective”.

He valued learning and patience: “Quest for learning is a journey, not a destination”, and “Be greedy, but long-term greedy — understanding the value of time”.

He valued relationships and people: “Benefits are the by-products of relations and not the purpose of relationships”, and “Respect people for who they are, not for what they have”.

He said, “For me, the chief minister of Maharashtra and his peon are the same… I don’t want to be disrespectful to either.”

And he valued the power of imagination: “Dream with your head in the sky but your feet firmly on the ground, whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it.”; “Do something you love”; and “Though horizons seem far and difficult, when you reach a horizon, you realise how many more horizons lie beyond it”.

Jhunjhunwala, who has survived the rough and tumble of the early stock market, also knew the value of grit: “Be paranoid about success—never take it for granted”; “Build a fighting spirit—take the bad with the good, lose but don’t be a loser” and “Only the paranoid and adaptable survive”.

Finally, though he didn’t believe in the judgement of men, he did believe in the judgement of god with a capital ‘G’: “The giver of wealth is God, and he casts a responsibility to share it”.