Portfolios with Purpose

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This article was considered for deletion at Wikipedia on December 24 2013. This is a backup of Wikipedia:Portfolios_with_Purpose. All of its AfDs can be found at Wikipedia:Special:PrefixIndex/Wikipedia:Articles_for_deletion/Portfolios_with_Purpose, the first at Wikipedia:Wikipedia:Articles_for_deletion/Portfolios_with_Purpose. Purge

Template:Infobox Organization

Portfolios with Purpose (“PwP”) is a registered 501(c)(3) Non-profit organization[1] founded by Stacey Asher in 2011.[2] It is an annual virtual stock selection competition in which players of novice and professional experience pay a nominal entry-fee[3][4][5][6] to choose a five-stock, long-term portfolio. The contestants with the top-performing portfolios over a 12-month period will direct the sum total of the collected entry-fees to the charitable cause of their choice; and have the opportunity of a meeting with one of the professional hedge fund managers.[1][4][5]

Mission

Portfolios with Purpose was founded to create an engaging competition for those in the financial community and home/amateur[1] investors alike, to personally align themselves with a charitable cause to play for; and to provide a venue for people who might not otherwise be inclined to give to charity, a place to become a part of a larger philanthropic community.[2][7]

Operations

Portfolios with Purpose is an all-volunteer, non-profit organization overseen by a board of directors. Competitor stock portfolios are tracked, and progress is calculated daily. The contest's financial audits are prepared by Deloitte, and player's entry-fees are held in escrow at JPMorgan Chase.[8] 100% of entry-fees net of credit card service charges are donated to top three competitor's, chosen charitable causes.[4][5]

Senior Management

Asher is the Founder and current CEO, Alex Duran of Permian Investment Partners[9] is Chief Financial Officer and Financial market Subject-matter expert, Joshua Williams is the Chief Operating Officer.[10]

Media Coverage

After a year-long trial period, the public announcement of Portfolios with Purpose was conducted on June 20, 2012.[11]

On September 6, 2012 Portfolios with Purpose announced the start of public registration, and the participation of several major hedge fund players: David Einhorn, Dan Loeb, Leon Cooperman, and Karen Finerman on the CNBC Fast Money Halftime Report.[12]

Asher's professional background and the history of the formation of Portfolios with Purpose is detailed along with other notable public figures in Forbes Magazine on December 1, 2012.[2]

On December 19, 2013 Portfolios with Purpose announced the official launch of the 2014 Contest Year with several participating philanthropists.[13] The Giving Pledge signatory Leon Cooperman, and Robin Hood Foundation board member David Einhorn[13] both founding Portfolios with Purpose members announced their return to the contest. As well as James Dinan,[1] Marc Lasry, Rich Pzena, and Doug Silverman.[3]

History

After a decade of working in the hedge fund industry on Wall Street, Portfolios with Purpose's Asher[14] went to Tanzania in June 2011, to volunteer in a food kitchen. Here she learned that feeding 250 children, one meal a day, five days a week, cost only $500 a month. Knowing that professionals in the finance industry were easily able to donate these amounts, the missing piece was a charitable vehicle to give competitive Wall Street traders back home a way to compete with their peers, for their own personal charitable cause.[2][7][15]

In December 2011, Portfolios with Purpose was born out of a meeting with hedge fund manager Joel Greenblatt in which he provided his backing as a player in the contest, and the seed money to set up the organization.[2]

References

  1. 1.0 1.1 1.2 1.3 "Portfolios With Purpose: Stock Picking for a Cause". WSJ. Wall Street Journal. http://blogs.wsj.com/moneybeat/2013/11/05/portfolios-with-purpose-stock-picking-for-a-cause/. Retrieved 5 November 2013. 
  2. 2.0 2.1 2.2 2.3 2.4 Ziegler, Maseena (1 December 2012). "When Quitting Is Not An Option - How You Can Find Purpose And Fulfillment Through Your Career". Forbes. http://www.forbes.com/sites/crossingborders/2012/12/01/when-quitting-is-not-an-option-how-you-can-find-purpose-and-fulfillment-through-your-career/. Retrieved 12 December 2012. 
  3. 3.0 3.1 "Scene Last Night: Stock Pickers Ready for Charity Contest". BloombergLuxury. Bloomberg. http://www.bloomberg.com/news/2013-12-20/scene-last-night-stock-pickers-ready-for-charity-contest.html. Retrieved 20 December 2013. 
  4. 4.0 4.1 4.2 "Contest". Portfolios with Purpose. Portfolios with Purpose. https://www.portfolioswithpurpose.org/contest.php. Retrieved 12 December 2012. 
  5. 5.0 5.1 5.2 Williamson, Christine (23 July 2012). "Stock-picking competition all for a good cause". Pension Investments. http://www.pionline.com/article/20120723/PRINTSUB/307239983/stock-picking-competition-all-for-a-good-cause. Retrieved 12 December 2012. 
  6. Chen, Jing (29 June 2012). "Hedge Fund-Backed Charity 'Stocks Up' for Good Cause". eVestment Alliance. http://news.hedgefund.net/default.aspx?story=13838. Retrieved 12 December 2012. 
  7. 7.0 7.1 "About Us". Portfolios with Purpose. Portfolios with Purpose. https://portfolioswithpurpose.org/our-mission. Retrieved 12 December 2012. 
  8. "Frequently Asked Questions". Portfolios with Purpose. Portfolios with Purpose. https://portfolioswithpurpose.org/faq. Retrieved 24 December 2013. 
  9. Annex, Film. "Alex Duran on Portfolios with Purpose". Film Annex. http://www.filmannex.com/movie/alex-duran-on-portfolios-with-purpose-and-philanthropy/37724. Retrieved 21 August 2013. 
  10. "Contact Us". Portfolios with Purpose. Portfolios with Purpose. https://portfolioswithpurpose.org/faq. Retrieved 24 December 2013. 
  11. "PwP Tests Your Investing Acumen, All In The Name Of Charity". FINAlternatives. FINAlternatives. http://www.finalternatives.com/node/20823. Retrieved 12 December 2012. 
  12. "CNBC". CNBC Video Archive. CNBC Video Archive. http://video.cnbc.com/gallery/?video=3000114147. Retrieved 12 December 2012. 
  13. 13.0 13.1 "Trading for Charity". CNBC. CNBC. http://video.cnbc.com/gallery/?play=1&video=3000229550. Retrieved 19 December 2013. 
  14. "PORTFOLIOS WITH PURPOSE — A STOCK CONTEST WITH A MISSION". Investor Place. Investor Place. http://slant.investorplace.com/2012/12/portfolios-with-purpose-a-stock-contest-with-a-mission/. Retrieved 24 December 2013. 
  15. "Portfolios with Purpose – Putting Wall Street to work for charity". MarketWatch. MarketWatch. http://blogs.marketwatch.com/lookingforward/2013/12/20/portfolios-with-purpose-putting-wall-street-to-work-for-charity/. Retrieved 24 December 2013. 

External links