An Indian American teen in New Jersey is making waves in the investment firm industry, being named a junior partner at a global investment firm.
Rishi Bagaria, 18, was an analyst at Thessalus Capital, a firm founded by his older brother and family friends, when he was a 15-year-old eighth grader.
He was quickly elevated to junior partner, though he remains a high school student, according to a CNBCTV18.com report.
Bagaria was promoted to junior partner in August 2018. At the time, managing director and president Mitchell Ng said, “His outstanding research reports, including identification of specific M&A activity in cancer immunotherapy ventures and interest in gene editing technologies like CRISPR/Cas9, but far more importantly his leadership of our junior analyst team showed great deftness and initiative.”
Bagaria told CNBC that after getting motivated by his uncle about the stock markets, he sought out ways to learn and the first book that he read on investment was ‘Investing for Dummies’ and took a financial literacy class in middle school.
With the help of his family, the teen and his brother Raj Bagaria started investing in a virtual stock market account and treated the investment made as real, the report said.
However, the first real investment ever done by Rishi Bagaria was when he bought “blue chip stock” like Apple and AT&T as he did not want to be too risky, CNBC noted.
Rishi, currently the youngest partner as well as a member of the upper management at Thessalus Capital, decides on how to invest. He also leads a team of analysts and reviews their research and pitch decks before it gets presented to the upper management, CNBC said.
Bagaria makes time for his work at Thessalus Capital between school assignments, as well as on the weekends. (He also makes it a priority read The Wall Street Journal and The Economist every morning, a tradition he started in sixth grade, the report added.)
Bagaria plans to attend Georgetown in the fall and study global business, CNBC added.
Bagaria shared his most profound learning experience while working with Thessalus’ when he had pitched a bad stock due to insufficient research and feeling “disappointment and shame.” The lesson taught Bagaria that the market is not going to be stable always and people are going to make mistakes, but it’s about knowing how to come back from it and mitigate and lessen the losses, according to the report.
The Bagaria brothers and their family friends Mitchell and Kenneth Ng launched Thessalus Capital and started investing in healthcare companies as it was their area of expertise.
The Ng brothers, both 24, are medical students and most of the investors and advisors are physicians or healthcare investors, the report said.