Chicago, Ill. – March 3, 2014 – Al Raby High School was named the winner of this year’s Magnetar Ultimate Stock Trading Challenge, a day-long stock trading event that brought together nearly 250 students from more than 20 Chicago area high schools to learn first-hand how the stock market works.
The Challenge was sponsored by the Magnetar Youth Investment Academy, a financial literacy program currently in 35 high schools and youth centers throughout Chicagoland. The program is underwritten by the Magnetar Capital Foundation, and employees from the Evanston-based alternative asset group, as well as Grosvenor Capital Management and Goldman Sachs, mentored students throughout the day.
Students worked in teams on trading floor-style terminals using a specially-created software application to trade $100,000 mock portfolios during three trading cycles. Prior to each opening bell, students received economic indicators that they used as strategic factors in building their portfolios. At the end of the three trading cycles, the teams with the three largest portfolios claimed prize money for their school. The winners of the 2014 Magnetar
Ultimate Stock Trading Challenge are:
· First Place ($5,000) – Al Raby High School, 3545 W. Fulton Blvd., Chicago
· Second Place ($2,500) – Elk Grove High School, 500 W. Elk Grove Blvd., Elk Grove Village
· Third Place ($1,500) – William R. Harper High School, 6520 S. Wood St., Chicago
“The Ultimate Stock Trading Challenge is a fantastic conclusion to the Magnetar Youth Investment Academy program,” said John Johnson, Al Raby High School business and technology teacher. “The Challenge exposes students to a wealth of opportunities in the finance industry at a time when they’re planning their own futures, and it provides them the money management skills to help them make those dreams a reality.”
Following this year’s Challenge was Meet the Pros, a college-style career fair that introduced and connected students with highly successful professionals from a wide variety of careers in finance, accounting and law to answer questions and discuss education requirements and career paths. Participating companies included Bank of America, BMO Harris Bank, BTIG, Citibank, Edward Jones, Ernst & Young LLP, Goldman Sachs, Grosvenor Capital Management, Magnetar Capital, Northern Trust, PwC, Proskauer and Schiff Hardin.
“The students did a remarkable job throughout the day,” said Alec Litowitz, founder and CEO of Magnetar Capital. “They were intensely focused and energized during the Competition, and they maintained those qualities during Meet the Pros by posing thoughtful questions and engaging in candid dialogue with professionals from throughout Chicago’s business community.”