In 2002, he wrote an article arguing that India was ‘at the threshold of a secular and structural bull market’, as reforms introduced by the then BJP government began to bear fruit. ‘I am shouting at the top of my voice in 2003,’ he recalled. ‘Buy, buy, buy! Sell your bloody wife’s jewellery, and buy!’ It proved prescient. India’s financial markets went on a glorious five-year run, hitting a series of all-time highs. Some of his better investments, including Titan, jumped in value many times over. India flourished too: the list of dollar billionaires grew ever more crowded, Jhunjhunwala now
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