Showing posts with label Clifford Brown. Show all posts
Showing posts with label Clifford Brown. Show all posts

Wednesday, April 4, 2007

CNBC Million Dollar Portfolio Challenge: Now in Top 2500

Taking more risk has paid off – so far. As of last night, I am now sitting at #2410 in the CNBC Million Dollar Portfolio Challenge, up 6.2% so far this week and 37% for the duration of the contest. This puts me in the top 0.5% of all contestants and is making it more difficult for me to ignore the contest in this space.

If I make it into the top 1000, I think I will share more about specific strategies and stock selections. For now, let’s just say that energy and biotech continue to fuel my performance. I continue to seek out more volatility, not because I want to put my gains at risk, but because I am still over $500,000 behind the top 20 portfolios and am concerned that I am not closing the gap quickly enough.

Now for the fun part: when I mention the CNBC contest, not only do I get to trumpet myself a little, but I get to shine a little light on other great trumpet players. The lead photo for this article is of Lee Morgan, who, in many respects inherited the mantle of “the next great jazz trumpeter” from Clifford Brown following Brown’s death. Morgan played extensively with Art Blakey and the Jazz Messengers in the late 1950s and early 1960s and is best know for “The Sidewinder,” his 1963 album as a leader that still to this day shows up on most lists of the greatest jazz albums ever recorded.

Wednesday, March 28, 2007

CNBC Million Dollar Portfolio Challenge Update

I am happy to report that as of last night, I am now in the top 1% in the CNBC Million Dollar Portfolio Challenge at #4577 out of what appears to be about a half million participants.

I was going to keep this news under wraps until the weekend, but since I like to call market tops a little early, I thought I'd share the news today in the event my position starts to 'correct' a little.

Briefly, energy and copper stocks have helped propel me to my current standing and I am heavily weighted in oil, gas and uranium at the moment. In most stock contests, it pays to take ridiculous risks in hopes of lucking into a triple digit return. I have not yet succumbed to that temptation. Instead, making largely incremental gains here and there, I am up 27%. As long as I continue to outperform the market and move up the leader board, I will not be putting all my chips on my favorite number -- until perhaps the last 2-3 weeks of the competition.

For those who may be interested, the photo to the left is of Clifford Brown, one of my favorite trumpet players. I figured that if I were going to toot my own horn, I should also acknowledge the work of a true master, who, sadly, had so little time to dazzle us with his talent.

Update: According the Portfolio Challenge blog, the top ten contestants are already sitting on 100% gains, so I may have to rethink my strategy sooner rather than later...

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