Late Rakesh Jhunjhunwala in an interview had revealed how PSU stocks were the biggest jackpot in his investment life when he went against the tide and betted on them during the dot com bubble in the early 2000s. 

In a conversation at FLAME University in 2009, Jhunjhunwala said "I made the biggest money of my life from the PSUs. I was very bullish on the PSUs and I feel very proud for buying them". 

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The Big Bull said that people doubted him for buying PSU stocks during the tech boom but it turned out as the best decision for him. "I remember during the tech boom that people were buying stocks like Penta, Himachal, and Global, I used to buy PSU stocks like Shipping Corporation. The price was ₹20 and it went up to ₹24 and I was very happy. When I walked in the street of the stock markets, people used to say budhu aaya, gadha aaya (here is the fool)  buying PSUs. But that proved to be the biggest jackpot of my life." the legendary investor said. 

Jhunjhunwala who was instrumental in the formation of Akasa Air said that he identified a structural growth story for India in 2001 and went all in, backing his bets.  "That is the defining time when I realised in 2001 that India was on the threshold of a structural and secular bull market. I wrote so in the economic times. I thought I would invest in the growth stories, concentrated portfolios.", he said. 

"Buy right, hold tight and exit in frenzies.", the big bull shared his investment advice. 

Jhunjhunwala passed away in 2022 at the age of 62 due to a cardiac arrest.

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Editor’s note: The story has been updated to reflect the correct age of Rakesh Jhunjhunwala at the time of his unfortunate death.