CHATHAM, NJ - The Securities Industry and Financial Markets Association (SIFMA) named Lafayette School fifth grader Michael Tedesco as the second place winner of the Elementary Division Northern Region Fall Stock market Game.
Tedesco received his award at the New Jersey North Stock Market 2017 Awards Ceremony held on May 4.
The stock market game is an online simulation of the global capital markets that engages students in the world of economics, investing and personal finance. Starting with a virtual $100,000, students strive to create the best performing portfolio of bonds, common stocks, and mutual funds. They earn interest on cash balances and pay commissions on trades, just as in real life.
“The Stock Market Game was one of my favorite activities that I’ve ever had in school," Tedesco said. "I chose not to short any stocks throughout the stock market game. My net long position really paid off when the market ran after the US presidential election. My biggest winner was Goldman Sachs. I chose to buy the stock because I felt financial companies were undervalued and could benefit from decreased regulation, in the case of a Trump win, or rising interest rates in the case of a continued strong US economy.”
Tedesco finished the 10-week game period with a total equity of $112,914.61. He participated in the game through the ACE Program, the Gifted and Talented Program in the school district.
”My interest in the stock market has only grown since the game ended," he said. "Given the success I’ve had in this game, my parents have allowed me to open a small brokerage account so I can put these lessons to the test in the real world with parental guidance.”