Rakesh Jhunjhunwala was born on 5 July 1960 in Mumbai. His father was an Income Tax officer. His father, who was highly interested in the stock market, used to often discuss matters relating to stocks with his friends.Rakesh had been listening to such conversations right from his childhood. One day, Rakesh asked his father about the reasons for price fluctuations in the stock market. His father advised him to read newspapers.This was his first lesson about the stock market. Rakesh believes that one may learn a lot from his mistakes. He says, "I have also learnt a lot from my mistakes. Always try to learn from your mistakes in life. An investor should always behave like a chameleon; he should have faith in himself, should make an investment at a right time and hang on to the same”.