It’s that time of year again. Time to take part in CNBC’s 2008 Million Dollar Portfolio Challenge!
I entered this contest last year with a few average picks, and when it was discovered that some participants were gaming the system, the whole thing started becoming kinda lame. My final results were okay too: a 5.2% increase. Not bad.
This year, CNBC has changed up the rules because of last year’s cheating. (Interesting anecdote: after disqualifying all the cheaters, last year’s winner, Mary Sue Williams, is apparently still a waitress who is now getting lousy tips – cuz she’s rich, her customers tell her.)
The rules now include:
- Requiring at least four stocks in your portfolio
- Allowing up to five portfolios within your account
- Allowing currency trading in addition to stock trading
Officially, this contest began yesterday. Their website has been marred with outages and problems, however, so I’ve had a hard time getting in and setting up my portfolio. I wonder if this year’s contest is going to be kinda lame too. I hope not, though I kind of think it will, especially with the rough start it’s been having. Bummer.