An Ohio waitress and welder with no prior investment experience won the CNBC stock picking contest. The first six contestants were disqualified for cheating in one manner or another.
CNBC announced the winner about a week later than schedule, in a very basic manner.
The winner says her methodology was to buy stocks in companies whose products she used a lot, like WD-40.
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The first six contestants were disqualified for cheating in one manner or another.
CNBC announced the winner about a week later than schedule, in a very basic manner.
Business Week was all over CNBC like a wet blanket and actually ran an article about the possibility of this woman winning the contest. How long has that been dragging out... a month? Six weeks?
No such thing as bad publicity-- this one's going into the Marketing Hall of Fame!
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Join Date: Dec 2003
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Yeah the stats were final in late may, but I think the article said the winner wasnt scheduled to be announced until July 8?
I guess they had to bring in some experts to analyze how the 'winners' might have cheated and scuttled the top people.
One of the things thats always seemed to ring true to me is that in a lot of "skill areas", some of the stuff is really obvious and makes a lot of sense...then you learn a lot about it and figure you can take an angle on something...but you cant...then your learning matures and you know what you do know and dont know and can be very effective. But that middle ground is a danger zone, where you know enough to really screw yourself if you're not careful, but not enough to know your limitations.
"Beginners Luck" indeed.
I think it was Peter Lynch that suggested buying stocks in products you're familiar with? and of course Warren Buffet who allegedly wont buy a stock in a company he doesnt understand.
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Many an optimist has become rich by buying out a pessimist
Let's face it, this says something about the world of investing....It's pure luck.
This lady, a financial cavewoman with respect to all the investment wizards out there using expensive sophisticated software, beat them all by throwing a dart in the right spot.
I'm guessing if this had been a brain-surgery contest, there would be no chance someone who had never touched a scalpel would have even been in the top 99.99% of potential winners.
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Let's face it, this says something about the world of investing....It's pure luck.
This lady, a financial cavewoman with respect to all the investment wizards out there using expensive sophisticated software, beat them all by throwing a dart in the right spot.
I'm guessing if this had been a brain-surgery contest, there would be no chance someone who had never touched a scalpel would have even been in the top 99.99% of potential winners.
You hit the nail on the head there.
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Let's face it, this says something about the world of investing....It's pure luck.
I'll agree it says something about the world of short term investing speculating. Speculating Investing contests are silly because they last a few weeks. Heck, you could find the greatest investment ever and the odds of it moving up over the span of a few weeks is just about nil. To me, investing results don't mean anything unless you are talking about results over a period of about a decade or more.
If this had been a brain-surgery contest with a ten second timer and a butter knife for a scalpel she might have won.
"How could traders exploit CNBC's glitch? According to several participants, the technique was relatively simple, but not obvious to all participants. A trader could go to the CNBC Web site and select a number of stocks to buy, but hold off on executing those trades. If you made the selection before the close of regular trading at 4 p.m. EST and left your Web browser open, you could execute those trades after hours and still receive the 4 p.m. closing price. For example, if a company whose stock closed at $20 a share rose to $25 in after-hours trading, you could buy the stock at $20, even though it was already worth 25% more (see BusinessWeek.com, 6/8/07, Slide Show: "How to Game CNBC's Stocks Contest"). "
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"How could traders exploit CNBC's glitch? According to several participants, the technique was relatively simple, but not obvious to all participants. A trader could go to the CNBC Web site and select a number of stocks to buy, but hold off on executing those trades. If you made the selection before the close of regular trading at 4 p.m. EST and left your Web browser open, you could execute those trades after hours and still receive the 4 p.m. closing price. For example, if a company whose stock closed at $20 a share rose to $25 in after-hours trading, you could buy the stock at $20, even though it was already worth 25% more (see BusinessWeek.com, 6/8/07, Slide Show: "How to Game CNBC's Stocks Contest"). "
Let's get her hooked up with a mutual fund, and give her $50 million or so to work with, and then see how smart she really is..........
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