Anyone Else Make a Million Bucks Today?

[JPatrick]

Yep, got my million in funny money for the big Squawk Box Stock Market Contest. ( details below)  I'm planning on dividing the bucks between fallen angels and top  stocks from the momentum sweep I use.  My first trade today was for PWAV which fell out of bed on reduced earnings.  Bought 10,000 shares at 10 something.  That sure feels good.  Bought far less with real money also.  Waiting for the next gut wrenching drop before I invest the lions share of the stash.

The game is on! Do you have what it takes to drive away in a very sweet 400HP, limited production 2006 Maserati GranSport?

We're spotting you a cool million in Squawk Bucks to invest now through May 26th. You buy, sell or hold the stocks of your choice. You can even add valuable Bonus Bucks to your portfolio by watching Squawk Box, and correctly answering our daily Bonus Bucks question.

We've always known Squawk was valuable - but now it can really give you the racer's edge!

On May 26th, game over. Richest player wins! Top 25 also-rans get cool tech toys just because we're nice. So...you in?

http://sbfantasyportfolio.com/index.asp#Home.asp

 

[Chris24]

Geez ... what would be the taxes on winning a Maserati? Then do you lose 40% on depreciation like every other car you drive off the lot new? Is it enough to listen to Squak box everyday. ... get shivers thinking about it.

 

[HFWR]

Two words: Becky nekkid...

 

[Maximillion]

Right, until she opens her mouth, Marvellous Maria is still the Diva.

Gotta wonder how much longer Haines will be around??

 

[JPatrick]

Two words: Becky nekkid... 

I corncur  8)

 

[cute fuzzy bunny]

I've seen Becky without makeup.

 

[JPatrick]

I've seen Becky without makeup.

Wow, that could make for a decent story.  Give me about 5 minutes to get some popcorn and a beverage- - then go ahead and splain.

 

[cute fuzzy bunny]

Lets just leave it at that.

 

[Arif]

Gotta wonder how much longer Haines will be around??

He doesn't look too happy since he moved from behind that desk. Too much like real work I guess.

 

[Jay_Gatsby]

For those of you who want to know more about Becky Quick:

http://www.beckyquick.com/

 

[JPatrick]

For those of you who want to know more about Becky Quick:

http://www.beckyquick.com/

You go Jay!!  That website is hereby placed at the top of my favorite places.  Oh, but I feel so dirty now 

I hope it is Becky who notifies me of the big win in the contest!!
Hey, 10000 shares of PWAV up 5.19% today.  8)

 

[JPatrick]

Portfolio Update for First 2 Days of Action
        Shares         Value                     Total
IIIN   1000          $54.49                 $54,490.00
PWAV  10000      $11.61                 $116,100.00
RACK 1000           $54.03                 $54,030.00
TIE 1000              $51.29                            $51,290.00
TRE 1000               $6.72                   $6,720.00

Total Stocks: $282,630.00
Available Cash: $725,580.00

Total Portfolio Value: $1,008,210.00


Ranking
Top 25%

Total Stocks
$282,630.00

Available Cash (wish it were earning MM rates while I wait)
$725,580.00

The portfolio star is the 10,000 PWAV block. They were bought for $10.40 and show a 2 day gain of $1.20 or almost 12%.  I'm keeping the pretend shares, but I sold my real shares on the close Friday.  Same math as above.  Hope to repeat the same cycle in the coming week.

 

[Ed_The_Gypsy]

Years ago there was a lady who won a trip to Florida on Continental Airlines. The income tax she had to pay for winning the ticket was more than a discount ticket--on Continental--to the same place. She made a fuss and got something out of it.

Naturally, the operators of such things want to declare the highest possible value for their stuff, as it is a business expense and therefore deductable. The winner must pay income tax on the winnings, of course.

I figure the best thing to do is to ask for the cash value of the prize, even if it is substantially less than the declared value the operation puts on it. I wonder if any of these operations won't let you do that? I suppose I will never find out.

 

[free4now]

The way to win an investment contest is simply to bet on the riskiest thing you can with the most upside since losing your million squawkbucks is of no concern.

 

[Ed_The_Gypsy]

The way to win an investment contest is simply to bet on the riskiest thing you can with the most upside since losing your million squawkbucks is of no concern.

AH! Game theory!

 

[Texas Proud]

Years ago there was a lady who won a trip to Florida on Continental Airlines.  The income tax she had to pay for winning the ticket was more than a discount ticket--on Continental--to the same place.  She made a fuss and got something out of it.

Naturally, the operators of such things want to declare the highest possible value for their stuff, as it is a business expense and therefore deductable.  The winner must pay income tax on the winnings, of course.

I figure the best thing to do is to ask for the cash value of the prize, even if it is substantially less than the declared value the operation puts on it.  I wonder if any of these operations won't let you do that?  I suppose I will never find out.

You just have to know how to present it on your tax return.... I had a friend who also won an expensive trip... got the 1099 etc... but he did his homework and got prices of everything he won and he could have done the trip at 25% of the 1099... so, we put the 1099 figure down on the tax return and a discount of 75% to get a net 25% he had as taxable income and paid taxes... never got audited, but had all the paperwork ready...

AND, I am in the hunt!!! Let's see who is the winner in the end..