At the launch of the Motilal Oswal Wealth Creation Study (MOSL), some of India’s most respected market veterans—Ramesh Damani, Sunil Mahatani, and Raamdeo Agrawal—reflected on the investments they missed or exited too early, and the powerful lessons those experiences taught them about conviction, patience, and the power of compounding.
Ramesh Damani on Missing Bajaj Finance
Veteran investor Ramesh Damani candidly admitted that one of his biggest regrets was missing out on Bajaj Finance, despite closely following the company and admiring its leadership.
“My circle of confidence was in my backyard, and yet for some reason, I missed out when Bajaj Finance got listed,” Damani said, calling the miss “extraordinarily stupid.” He added that missing such high-quality businesses leaves a lasting impact on long-term wealth creation.
Selling Apollo Hospitals Too Early
Damani also spoke about Apollo Hospitals, which he had purchased at ₹20 in 1993. Over the next 25 years, the stock became a 100-bagger, but he sold it during the COVID-led market crash at around ₹2,000.
“I sold because I had made too much money, not because the fundamentals had changed,” he said. Reflecting on the decision, Damani remarked that investors aspiring to follow a Warren Buffett-style approach cannot afford such errors. “Those are unacceptable mistakes,” he added.
Sunil Mahatani’s Apple Miss
Sunil Mahatani, Owner and CIO of Kingfisher Investors, shared a similar experience from the US markets involving Apple Inc. After Steve Jobs returned in 2001 and launched the iPod, Mahatani recognised that Apple was transitioning from a niche technology company to a consumer-focused global brand.
However, he exited the stock after it doubled, missing out on a historic wealth creation journey that eventually saw Apple’s market capitalisation surge from about $4 billion to over $4 trillion.
“The opportunity got away simply because I thought there were cheaper opportunities elsewhere,” Mahatani said, underscoring how early exits can be as costly as missing investments altogether.
Key Takeaway for Investors
The candid reflections from seasoned investors highlight a recurring theme in long-term investing—holding high-quality businesses through cycles often matters more than perfect timing. Conviction, patience, and allowing compounding to work over decades remain central to sustainable wealth creation in equity markets.
