High School Newsletter Sparks a Financial Movement

The idea for Wall Street’s New Guilt emerged during a casual lunchroom conversation between classes.

This newsletter, covering various topics from markets to culture, was established by Jasper Gould and Emir Chiringirian in 2025 when they were just sophomores at Berkeley Carroll Preparatory School in Park Slope. Now, at 17, they have nearly 60,000 subscribers, with a significant portion—over two-thirds—signing up for corporate emails. Many readers work at major firms like McKinsey, JPMorgan, Blackstone, Nvidia, Goldman Sachs, and more.

“We have many different opinions about politics and capitalism,” Gould mentioned, adding, perhaps a bit jokingly, “You probably should have done your homework while you were doing this.”

Reading this newsletter offers a glimpse into the mindset of a generation that seems skeptical of large institutions, feeling misunderstood by both Wall Street and the broader community.

A recent newsletter issue mixed stories and data exploring Gen Z’s views on self-driving cars and robotaxis, touching on their strong connection to timepieces, which indicates a resistance to AI. Chiringirian even analyzed how sneaker culture has shifted, making a distinction between functionality and cultural significance.

Sam Shafer, an early supporter and former eBay executive, expressed his appreciation, stating, “I find their content just as engaging as pieces from The Atlantic. They aren’t just focusing on market disruptions—it’s much more about the current trends they observe.”

Alongside their newsletter, the duo also created the Brooklyn Youth Philanthropic Investment Group, a nonprofit aimed at teaching financial literacy to students nationwide.

Chiringirian noted that affluent individuals and those in tech are showing interest because “Gen Z offers fresh perspectives that the market might not fully recognize yet, but we’re living it day by day.”

“The only way investors could understand high school students better is by asking them directly,” Gould added.

A subscription to their newsletter costs $15 monthly or $150 yearly, and the authors earn a five-figure amount annually.

Despite attending a costly school—tuition exceeds $66,000 a year—the duo’s content maintains a populist tone, thanks to their constant interaction with peers across the country.

When not editing Substack pieces (which takes around 30 hours weekly) or attending classes, they manage their nonprofit, which began over pizza and stock chats.

Two years down the line, 1,000 students have engaged with BYCIG, which has hosted discussions featuring high-profile economists and directors from major financial institutions.

Through BYCIG’s investment branch, they manage about $50,000 raised from parents and finance professionals. Student teams present their investment ideas to an advisory board, and winning proposals are executed by accountants, with a portion of profits donated to charity. Remarkably, the fund has outperformed the market, with a few investments soaring over 40%.

“Surprise is the common reaction,” stated Nick Gould, Jasper’s father, who’s been in the tech industry for years and runs his own newsletter with a small subscriber base, attributing much of his growth to PTT.

As the college application season approaches, Gould and Chiringirian, both set to graduate, are contemplating how to continue both their newsletter and nonprofit.

“You can’t start a hedge fund yet,” Gould mentioned, “I won’t turn 18 for another couple of months.”