Rakesh Jhunjhunwala's Vision: Ramesh Damani Reflects On The Bull Market Pioneer

He even predicted that India would be the mother of all bull markets, said Ramesh Damani, his closest friend and associate.

"He had predicted what we are seeing today—even five years back—that India would have the mother of all bull markets, that more importantly, it will be led not by foreign money, but by Indian public money," market veteran Damani told NDTV Profit.

Remembering Jhunjhunwala's vision for the Indian market, Damani said that he maintained a 30-year career with an unwavering bullishness of India. He also saw India among major global economies like Japan, America and China. Damani further said that no one saw the evolution of India as clearly as Jhunjhunwala.

While remembering the "brilliant career" of India's Warren Buffett, he said that his long-term compounding rate was over 40% that even surpassed the 24% of Buffett. He said that what stood out for Jhunjhunwala was luck and his belief in India.

"Never not be bullish on India," said Damani. This is how Jhunjhunwala made his career in the Indian markets, he added. Another distinguishing feature of Jhunjhunwala was that he was never afraid of a loss and was willing to take a risk in order to make money.

Damani further added that Jhunjhunwala was absolutely right about putting money on the table and betting on promoters, because some of them created absolutely extraordinary companies.

He also shared how his friend pushed him to be bullish on India and how he would punish him in case he was ever bearish.