Financial Skills in the Making
Published 2nd May 2011, 5:16pm
St. Ignatius Catholic School's Five Stars were once again crowned champions of the 2011 Saxon Investment Club Competition. The reigning champions' final tally resulted in more than 54 percent gains in their virtual stock trading account.
To take the top spot, they beat out X Factor and Modern Age, who placed second and third respectively.
For their efforts the victors raked in US $2,500 in prize money, while the runner-up team won US $1,500 and the third place winners collected US $500. Education Minister the Hon. Rolston Anglin, JP donated US $1,500 towards the prizes - two-thirds of which went to the second place competitors and the remaining $500 was awarded to Modern Age.
In total five teams, Tendri, X Factor, Modern Age, Five Stars and Champs participated. Each received $100,000 in virtual capital and had six months in which to invest and report their profits and/or losses.
Minister Anglin noted that the competition offered students excellent real-world experience as well as opportunities to learn about the financial industry. He also congratulated the participants and thanked sponsors Saxon and dms Broadcasting for providing the chance to learn.
Guest speaker and former Hip Hop manager, Edwin Holmes shared his success story with participants and encouraged them to invest in themselves.
"In the same way that you evaluate stocks, evaluate yourselves," he told them. "Develop and invest in yourselves. Everyone has natural skills; find out what yours are and don't be afraid to try new things."
He further encouraged the students to dream and set goals, and to actively plan to accomplish them.
Congratulating the team members, Saxon Chief Executive Officer Brian Williams said he was very pleased with the teams' performances and hoped to accommodate a few interns during the 2011 summer vacation.
Speaking for the winning Five Stars team, Alex Hennings explained that his group started the competition cautiously, but began investing after gathering market information from the news and internet.
"There are lots of resources available out there that helped us decide - we watched television, studied news reports, and more. From there we analysed the information we found and decided amongst ourselves where we should invest. We also pulled our money just before Japan's earthquake and tsunami; that definitely helped to maintain our earnings."
The Saxon Investment Club provides opportunities for local 14- to 19-year-old students to gain hands-on stock market experience. Participants must maintain a virtual portfolio by selecting stocks in accordance with the current market.
Students from John Gray High, Cayman Prep and High, St. Ignatius Catholic, Triple C School, and the International College of the Cayman Islands have started Saxon Investment Club chapters. (GIS)