Portfolios with Purpose is an annual investing competition where traders compete for their favorite charities. I’ve thrown my hat in the ring this year, and I think it’s a fun and worthy project for anyone involved with the market.
Founder Stacey Asher worked in the hedge fund industry for about seven years before creating the site after seeing the number of people in the financial industry who support causes bigger than themselves.
The rules are simple: Register and donate to PwP (as little as $100), build your portfolio of five stocks (you can be long or short) to hold for a calendar year without trading, then pick your favorite charity you will be playing for. The top three winners from each experience level will split the entire pot of donations — 60% to the winner, 30% to second place, and 10% to third place.
Some of the high-profile experts playing this year include David Einhorn of Greenlight Capital and Daniel Loeb of Third Point.
I’ll be playing for RAINN — the Rape, Abuse & Incest National Network — and my tentative picks include long positions in Intel (NASDAQ:INTC), JCPenney (NYSE:JCP), Southern Copper (NYSE:SCCO) and Transocean (NYSE:RIG), as well as a short position in Research In Motion (NASDAQ:RIMM).
The contest doesn’t start up until Jan. 1, so I still have some time to mull those over … and you have time to register, too! I’ll make my case for each of my picks in detail when the contest is officially on the books.
At any rate, I encourage you to check out Portfolios with Purpose and consider a donation.
Read more at PortfolioswithPurpose.org.