A Spirited Investor's Birthday

and memories galore.

“Mere longevity is a good thing for those who watch Life from the sidelines. For those who play the game, an hour may be a year, a single day's work an achievement for eternity.” - Helen Hayes

I have been in Bengaluru, India since 2nd November and came to this beautiful city to attend a dear friend’s (Naveen) 75th birthday celebrations. In these 3 days, we had 3 separate events spread across different venues and hosted by different people i.e. his friends or family members. And every evening was filled with memories I will cherish forever.

But today’s post isn’t about these celebrations, it’s specifically about the joys one could derive from living a good life. And I would like to share that with you via anecdotes I have got to learn about in these few days.

Brazil #

I have known Naveen since 2006 and have heard a lot about his business partner André from Brazil. I finally got to meet him on this trip and got to learn all about how both of them got together. Though a full story is warranted, I will restrict it to a mere paragraph or two, hoping you get the essence of the Investor that Naveen is.

Both of them met at a taxi stand in Brazil while on their backpacking trip. Naveen was a successful entrepreneur even then (35 + years back), while André was a 22-year-old aspiring entrepreneur with a few business ideas that he was passionate about. They decided to hitch a ride together and share the tab. It was on this drive that they got to know each other well and decided to meet again for dinner.

André couldn’t resist sharing his vision of the business in mind and the opportunities therein with Naveen. The latter took a few days to think about it, do some background checks on the project and the people involved, and in spite of not much data or domain knowledge of agricultural business in Brazil, he still decided to go ahead with investing in André’s business. Naveen met him again a few days later and said “ I’m in” and wrote him a cheque then and there.

I still get goosebumps while I write this because today André is a very successful businessman and both of them have enjoyed a phenomenal run in the business until they sold it to an institution, pocketing multi-bagger returns on their investments. André had tears in his eyes every time someone recollected how these two got together. I did see him teary-eyed again when both of us were going through a family album with pics from the last 4 decades. I could feel the depth of gratitude within him, and it was special, very special.

Going on a journey together with others is what Investing is all about. Did Naveen know with certainty that this bet will play out well? No, he didn’t. Did André envision a decadal run ahead with his 1st business? No, he didn’t. Did Naveen make many loss-making investments too in the last 4 decades? Yes, of course.

But one still got to bet !!! And one gets to bet on people, businesses, industry, or the country at large. Can you know the future for any of these with certainty? No ways. And that’s why I like the term bet, even if it brings negative connotations.

You can bet on a roulette machine in a casino where odds are not in your favor i.e. 1/36 = 2.77% chances for your preferred no. to show up. A purchase of a lottery ticket is also a bet, but with the worst odds possible i.e. 1/1,000,000 = 0.0001% chances of you winning the lottery. The assumption here is that 1 million lottery tickets are sold and you have bought one of them.

Even investing in public markets is a bet, with higher odds for success in stellar companies like Berkshire Hathaway in USA or Pidilite in India. But you still could lose if you buy at higher valuations, which is when your odds reduce unless you increase your time horizon to a decade or more.

It’s a bet none the less.

Sunil’s RV #

I met another friend of his on the 2nd evening and it was really special to hear about how these 2 came about, his journey from a physician from the US to being a nomad traveling the world in his RV, and the close shaves he’s had with death.

Naveen met him at the airport and both of them turned out to know someone in common, who was also at the airport with Sunil to see him off. Since they were both waiting for their flights, why not just get to know each other? That’s where it all began and has turned into 3 decades of friendship between these two lovely and accomplished individuals.

Sunil recently finished a tour across the UK and has left his RV in Ireland for now. He heads to the US in a few days and to Brazil from there, before he finally heads to Ireland again to start a new nomadic journey on the road. He doesn’t know where he is going next, but he knows for sure that he’ll be on the road soon.

Hearing about their stories also makes me realize the beauty of durable friendships that stand the test of time. It’s really special to have friends that stand by you for decades, celebrate moments together, create cherishable memories, and still have many more years to look forward to together.

Even these relationships are an investment that Naveen has been impeccable at. I could provide you with many more stories of people from the party who Naveen has taken pains to stay in touch with, meet whenever chance permits, and even visit them if he’s around their city.

It does take time out from his busy schedule and business affairs, but has it been worth it? You bet.

Me #

I too have benefitted immensely from Naveen’s generosity. In 2006, I was a newbie banker in Dubai with Citibank and trying hard to gain momentum at my job and to deliver upon the job objectives.

I was told by one of the RMs in the bank that Naveen won’t be doing anything with Citi anymore and will be moving his entire account to the previous RM’s new employer in DIFC. I didn’t have many hopes for the account, nor was I confident in my abilities then, to retain this account.

But as demonstrated throughout his life, he once again took a call on me, decided to retain his account at Citi, and gave me a chance to deliver upon my role as a Relationship Manager. It was not needed, it was not something I had to plead for, it was an outcome of a few conversations wherein we connected really well and that was it.

This was in 2006 i.e. 16 years of being together. I’ve done mistakes too, made some wrong investment calls, and dropped the ball on the account when I dived neck deep into my own business from 2011-2014. But he still accepted me as a banker when I returned to Dubai and restarted my banking career with ADCB in 2015.

He didn’t blame me for the past nor did he judge me for not making it as an entrepreneur. He, once again, showered me with his trust and that was a tremendous boost to my confidence, especially when I was crawling my way out of the mess I had got myself into because of a few career choices gone wrong.

Trust - that’s all it takes to get back on your feet and kickass in life. I had Naveen’s trust from our first meeting and he still continues to shower that upon me and so many others who I got to meet at the party.

And hence it didn’t take me even a second to accept the invitation to visit Bengaluru for Naveen’s birthday celebrations. It’s been a privilege to have met him and known him for so many years.

I will always hold those memories as very very special - the various sheesha evenings at Cabana in Oud Metha, the meals at Wagamama/Sarvana Bhavan, or the trips to Cavalli Club. Irrespective of the place or the occasion, he has always been gracious, warm, trusting, and humble.

Even that gesture from him in 2006 was an investment - In me. With no certainty of a desirable outcome, but just a hunch. I hope I have lived up to his expectations and hope that he has many more decades of joy and abundance ahead of him.

Looking forward to celebrating his 80th birthday soon.

Thank You, Naveen for being the person you are.

God Bless.

Manish