Vishal: What are the 2-3 big mistakes that have characterized your investment life? What lessons did you learn from the same?
Subra: Funnily, all my mistakes are one – trusting people who are not trustworthy. I will not call them fraudsters. I will call them incompetent. And I thought they were competent because they were known people, and friends.
For example, I got close to bankruptcy when I was 32 years of age, because my broker defaulted. And I remember one employee of the brokerage firm saying, “Subra, you never take risks. But you took this biggest risk of all!” Like I will never do an F&O, or a badla, or things like these. And I was taking a risk on my broker, and my broker defaulted.
I used all kind of support, from police to political, but that guy didn’t just pay. But I paid up for my clients. So that was horrible mistake which was all about trusting the wrong person.
Anyways, these mistakes of trusting wrong people helped me in a good way – I did not get carried away by any of these booms, like the tech boom, and the real estate boom.