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Parag Parikh, veteran stock-picker and behavioural investment guru, died in an accident in the US during the past weekend. He was 61.
Parikh’s death brought to an end an inspiring journey — from a polio-stricken child to one of the country’s best regarded value-investors. He was helped along by those who recognised his potential, including a market veteran who nudged him towards equities and his wife and mother, who sold their jewellery to get the funds he needed to secure a broker’s card.
Parikh was in Omaha, US, to attend Berkshire Hathaway chief Warren Buffet’s annual meeting with shareholders. The event is a draw for value investors across the globe. The Omaha World-Herald reported the accident took place on Sunday, when Parikh’s car collided with a truck in the early hours of the morning. There were four passengers in the vehicle --- Parikh, his wife Geeta, and Rajeev Thakkar and Raunak Onkar, members of his investment company. While Geeta was said to be in a serious condition, Thakkar and Onkar were discharged from hospital after being treated for minor injuries, according to the news report.
“Police said the Jetta was eastbound on Shirley Street when it stopped at a sign at 63rd. Believing the way was clear, Thakkar accelerated into the intersection and the Jetta’s passenger side was struck by Vacek’s pick-up,” the report said.
Parikh is the second veteran investor India has lost this year. In February, Chandrakant Sampat passed away, at 86.
Parikh’s death brought to an end an inspiring journey — from a polio-stricken child to one of the country’s best regarded value-investors. He was helped along by those who recognised his potential, including a market veteran who nudged him towards equities and his wife and mother, who sold their jewellery to get the funds he needed to secure a broker’s card.
Parikh was in Omaha, US, to attend Berkshire Hathaway chief Warren Buffet’s annual meeting with shareholders. The event is a draw for value investors across the globe. The Omaha World-Herald reported the accident took place on Sunday, when Parikh’s car collided with a truck in the early hours of the morning. There were four passengers in the vehicle --- Parikh, his wife Geeta, and Rajeev Thakkar and Raunak Onkar, members of his investment company. While Geeta was said to be in a serious condition, Thakkar and Onkar were discharged from hospital after being treated for minor injuries, according to the news report.
“Police said the Jetta was eastbound on Shirley Street when it stopped at a sign at 63rd. Believing the way was clear, Thakkar accelerated into the intersection and the Jetta’s passenger side was struck by Vacek’s pick-up,” the report said.
Parikh is the second veteran investor India has lost this year. In February, Chandrakant Sampat passed away, at 86.
It was Sampat who had, in a way, led Parikh to the stock market. After the rejection of a business idea, Parikh was downcast. “He (Sampat) agreed I understood businesses but contended there was a better way to participate without subjecting myself to the vagaries of raw material shortages, regulatory capriciousness, etc. Instead, I could choose to participate in a bouquet of businesses by investing in companies listed on the stock market,” Parikh had written of those days.
Parikh started his career as a sub-broker in 1979, with an aim to become a broker subsequently. In the 1990s, after Indian markets were opened to foreign investors, he gained popularity because of his insightful research. Parikh also authored two books — Stocks to Riches: Insights on investor behaviour and value investing and behavioral finance: Insights into Indian stock markets realities.
Recently, he surrendered his broking licence in favour of starting an asset management company, PPFAS Asset Management Company, of which he was chief executive officer.s survived by sons Sahil and Neil.
