Investment wizard Rakesh Jhunjhunwala’s success in the stock market may have inspired many investors, but there’s a top hedge fund manager who has won the ace investor’s admiration. We take a look at the hedge fund manager's achievements in the investment arena.
Investment wizard Rakesh Jhunjhunwala’s success in the stock market may have inspired many investors, but there’s a top hedge fund manager who has won the ace investor’s admiration. In a recent interview to Firstpost, Rakesh Jhunjhunwala revealed that he admires top hedge fund manager Stanley Druckenmiller as an investor. Notably, Stanley Druckenmiller had worked alongside George Soros from 1977 till 2000. The duo famously bet against the British pound in 1992 and made massive profits. He shut down his $12 billion hedge fund Duquesne Capital Management in August 2010, citing “emotional toll.” Interestingly, the fund had a stellar record, with an average annual return of roughly 30% and no single money-losing year on record. According to Forbes, his net worth stands at $4.7 billion as on date.
According to Bloomberg News, on August 18, 2010, Stanley Druckenmiller announced the closing of his hedge fund “telling investors he’d been worn down by the stress of trying to maintain one of the best trading records in the industry while managing an ‘enormous amount of capital.'” Duquesne Capital Management posted an average annual return of 30 percent without any money-losing year. His funds were down for about 5 percent when he announced his retirement in August.
While Rakesh Jhunjhunwala admires Stanley Druckenmiller as an investor, there’s another billionaire investor who has had a lasting impact on his life. In a recent article interview featured in Firstpost, Rakesh Jhunjhunwala says that Radhakrishnan Damani has had a lasting impact in his life. Yes, it’s Radhakrishnan Damani, the founder of Mumbai-based hypermarket chain, D-mart, whose IPO received a blockbuster response, getting subscribed by more than by a staggering 104.48 times at the end of the three-day bidding in March-17.
Interestingly, shares of billionaire Radhakrishnan Damani-led Avenue Supermarts, which runs the D-mart chain have returned more than 380% since its public offer in March. The market outperformance of the shares had led Ashburton Investments, a prominent investor in Infosys say that it missed the bus on D-Mart. Notably, billionaire investor Radhakishan Damani, ranked 12th on Forbes India Rich List 2017, with a net worth of $9.3 billion.
Earlier this month, Rakesh Jhunjhunwala had reportedly teamed up with billionaire investor Radhakrishnan Damani to bid for Binani Cement, a company which is facing bankruptcy proceedings from its lenders. “The partnership between Jhunjhunwala and Damani is a big surprise,” the Economic Times had reported a source as saying.