Addressing younger investors, he highlighted that the coming years offer far more opportunities than previous decades.
Also Read: Raamdeo Agrawal on how to avoid costly market mistakes“The opportunities are so much greater in the next 20 years. In fact, I’d give a lot of my gray hairs back and get some black hair if I could live for another 20 years like they would,” he said on a CNBC-TV18 special show, reflecting on his past market mistakes and sharing his outlook for India’s future.
Ramesh Damani recalled returning to India in the late 1980s, a time when the country was grappling with a balance of payments crisis and had low per capita phone usage.
He pointed out that investors often make the mistake of assuming the past will repeat itself, failing to recognise structural shifts when they happen. In the years following the fall of the Berlin Wall, India was on the brink of major economic transformation.”Once things go to zero, they don’t go below zero in the market. They’ll go higher,” he said, pointing out how the country’s economic reforms, including lower tax rates, the removal of industrial licensing, and a shift away from socialism, created a turning point for growth.
Damani admitted that it took him time to fully grasp that these were long-term structural changes, but those who quickly recognised India’s shift toward liberalisation and economic expansion benefited significantly. “Be bullish on India” became a guiding principle for many successful investors.
“I took more time to understand that the India that we grew up in was not necessarily India that was going to be for the next 30-40 years,” he said calling it one of his big mistakes.
Damani also shared how he draws inspiration from Carlos Slim, the Mexican billionaire known for his bullish stance on his country’s economy. Slim always found value in public sector stocks and remained optimistic about Mexico’s future. Damani explained that this philosophy has influenced his investment strategy in India, focusing on value and long-term growth.
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Reflecting on his experiences, Damani recounted a major loss with a telecom stock in the mid-90s. However, he was able to balance this loss with other successful investments in his portfolio. He emphasised the importance of avoiding leverage and learning from seasoned investors.
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For the entire interview, watch the accompanying video
