Thursday, September 23, 2010

"$1m Cash Prize For Virtual Trading Game"

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:

"This is Mr. Big at Merrill Lynch, I hear you have a private placement"

Moi: Merrill who?
"Merrill LYNCH"

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?

Click.

Mr. Big, my ass.

This J.P. Morgan though, name seems familiar....
One of the truly large MER brokers I talked to was also one of the most gentlemanly guys I've ever met.
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