Money talks, bullshit takes the subway.
"Registered Persons" probably need a compliance waiver, check on it if you fall into that category.*
From the WSJ Europe's The Source blog:
Seasoned stock professionals and first-time investors alike are being invited to take part in a nine-month virtual trading game with a real cash prize of $1m up for grabs.
InvestCloud, a securities technology company, this week launched PlayMyMillions, an interactive investment game that allows participants to trade on 35 of the world’s stock exchanges.
Each player will be given a virtual cash pile of $1m to invest in a portfolio of their choosing using real market data. The best-performing portfolios will be ranked and rewarded with weekly and monthly prizes over the nine months leading up to the jackpot $1m.
The game assesses the portfolios by reference to the risk-adjusted rate of return.
“Best scores win – no matter your background or ‘real world’ expertise,” according to InvestCloud.
To enter the competition register at www.playmymillions.com.
This article originally appeared in Financial News.
*Years ago I was pitching private placements to some Merrill Lynch retail guys for their own accounts. Big brokers only. One of the smaller (assets under management ~ $200mil.) brokers I was going to talk to calls in and says something to the effect:One of the truly large MER brokers I talked to was also one of the most gentlemanly guys I've ever met.
"This is Mr. Big at Merrill Lynch, I hear you have a private placement"
Moi: Merrill who?
Moi: This is Mr. Lynch?
"Listen you idiot, I'm a top producer with Merrill Lynch"
Moi: Merrill Lynch? Ya know Pierce, Fenner, Smith and Beane? CSNY? The ATSF?
Mr. Big, my ass.
This J.P. Morgan though, name seems familiar....
I went to his office on a Friday before the close, met the seven registered assistants, a CPA, a lawyer and an unambitious MBA/CFA among them.
He listened to my spiel and he bought the deal.
After the paperwork was filled out I asked if he needed copies for his compliance department. He said:
"Son, I own compliance"
(one of the assistants very discreetly went and made a copy for the file)
Then we spent an hour talking about the market in the 'sixties, him raconteuring and me just listening and asking questions