Ilitch Business student wins first place in Investopedia Market Madness
Investopedia, the premier online source of trusted financial information and services, today announced the results from the first-ever Market Madness Investing challenge, awarding prizes to three winners from U.S. universities based on final portfolio values. Humza Waheed, a finance major in Wayne State's Mike Ilitch School of Business, took first place and received $10,000. The second and third place winners were from John Carroll University and the University of South Florida, respectively.
Overall competition data revealed college students’ sentiments toward stock picking, primarily that students buy what they know. Some of the most popular stocks bought were Amazon, Facebook, Google and Netflix.
Waheed utilized a risky trading strategy. He noted that he “swing shorted microcap equities that had massive short-term price and volume spikes but no real change in long-term fundamentals of the company.”
Powered by Investopedia's Stock Simulator, the Market Madness Investing challenge provided students with $50,000 in virtual cash with prizes awarded to the three highest percentage gainers for use in investment funds.