-Scott Pelley, interviewing Paul Tudor Jones founder of Robin Hood Foundation
From Tanzania to Wall Street
After several years of working in the hedge fund industry as a marking and investor relations professional, Stacey Asher (pictured left) embarked on a journey Tanzania to climb Mt. Kilimanjaro and volunteer with Light In Africa at an orphanage.
At the orphanage, she taught Math and English classes, helped to organize medical dispensaries in remote villages, and worked at a food kitchen; this kitchen fed 250 children, 5 days a week. On her last day in the country, she had a conversation with a cook who told her, the previous year the kitchen had been shut down due to lack of funding. As many children in the village relied on this kitchen for the majority of their weekly nutrition, several children died of starvation.
As anyone would, Stacey asked, “how much does it cost to run this kitchen?” The answer: $250 a month. A life changing moment.
After spending so much time in this village, how could she just fly away and forget them? Immediately, on the flight home, Stacey began compiling a list of family and friends she believe would work with her to keep the children fed. Looking over this list—she wondered what causes touched her friends as much as Light in Africa did her.
Over subsequent weeks a few statistics validated a thought she jotted down in a notebook.
The first was that in 2011, 30 million people played fantasy football. The second, there are more than 70 million retail and professional investors in the United States alone. What would happen if we emulated fantasy football, but with stocks instead of players, and directed the proceeds to the winners’ charities of choice? From a small orphanage in Tanzania, the idea for Portfolios with Purpose was born!
After proposing the idea to mega-investor Joel Greenblatt, he agreed to back the startup non-profit organization.
How it Works
The concept is simple. Pay an entry-fee based on your level of investing experience--your class. Pick five stocks, long or short, and play the fantasy portfolio over the course of a year. All player entry-fees are collected in an escrow account and the top three player portfolios’ charities are given 100% of the funds! Portfolios with Purpose is privately funded, so the only fee taken from donations is credit card processor costs, the rest goes to the cause.
The competition starts on the first trading day of 2014, which means registration to play will close on December 31st, 2013. It’s only $100 to play as a novice, and $1000 if you want to run with the Professionals.
David Einhorn, Leon Cooperman, Joel Greenblatt, James Dinan, and many more Master Investors are playing for their favorite causes—at Portfolios with Purpose, we’re Invested in Giving.
Visit www.PortfoliosWithPurpose.org before December 31st to register! Good luck in the competition!