Jared Zaideman and Justin Hudnet, two University of Maryland, College Park (UMCP) students at USG, out-traded more than 400 competitors to place in the top ten winners of the Fall 2011 University of Maryland Stock Market Challenge. The contest encouraged the University System of Maryland community to improve their financial literacy and learn about investing in the stock market.
The Fall 2011 contest, like the inaugural competition in Spring 2011, was modeled after a stock market trading simulation currently used in a course taught by the competition’s coordinator, Dr. Eric Wish, at UMCP. Zaidemen, who is double-majoring in Accounting in the R.H. Smith School of Business and Criminology and Criminal Justice at USG, took third place in the competition. Hudnet, also an Accounting major in UMCP’s R.H. Smith School of Business at USG, placed seventh. Both students ended the competition with a better understanding of the stock market and how to manage a portfolio.
“Even though the money we traded was fake, I pretended that it was real so that I could gain experience,” said Zaideman who collected a $100 cash prize for his win. “This experience will allow me to more confidently make decisions that relate to the stock market and can help me in the future should I decide to invest real money.”
All participants were granted a simulated $100,000 margin account and were provided guidance about trading through an orientation webinar and by following Dr. Eric Wish’s blog (wishingwealthblog.com). Participants enhanced their experience by participating in the online Challenge Forum and accessing related educational resources.
“The stock market challenge is great practice for learning to invest and I’ll be sure to be back for the Spring competition,” said Hudnet about his experience. “I really learned how to reach out and use my resources to gain information, advice, and investing ideas.”
The challenge was sponsored by the University of Maryland, College Park College of Behavioral and Social Sciences and the Honors College. Participation was open to students, staff, and faculty from the University System of Maryland and alumni of the Honors College at University of Maryland, College Park (UMCP). With the generous support from the Davis Foundation, prizes of $400, $250, $100, $50 and $50 were awarded to the five participants whose portfolios showed the highest dollar amount at the close of the competition.
Interested in participating in the next Stock Market Challenge? Visit http://umdsmc.com/ for information.