News from Seabrook Village in :
With the volatility of the stock market – the European situation, domestic economy, jobs and the overall tenuous mood regarding investment banking in the U.S. – there is one place in Tinton Falls where money is being made, sort of…
The Seabrook Investment Challenge has been a continuing contest where 21 residents from the community have gotten together bi-weekly beginning in October to use faux-investments to gamble on stocks that they think will hit it big.
Residents were given $100,000 to parlay into as much money as possible. And some made a small fortune.
Earlier this week, the contest concluded and a champion investor was crowned. Muriel Collins walked away with $21,000, or a 21% gain.
Many residents invest on their own and have keen knowledge on investing, which gave them an inside track during this competition.
“It was dumb luck winning,” said Mrs. Collins, who entered this competition for the first time. “I picked one of the stocks that I actually own, which I have had for about 50 years. I had a lot of fun playing and next time I will do a bit more trading.”
For her victory, Mrs. Collins received $105. The 21 participants put in $5 into a pot with the money going to the winner. Mrs. Collins is donating the money to the Seabrook Benevolent Care Fund, which provides future financial support for residents who may find that they have exhausted their financial resources due to unforeseen circumstances such as long-term illness. The fund was formed in 1999 and as of August 31, 2011, $111,743 has been raised to assist residents in need.
Seabrook resident Ralph Neeld is another participant who came out ahead in the contest. He earned $9,000. He said that he used the newspaper's business section to select one of his stocks. The paper helped propel him to victory.
Seabrook Resident Life Director Gary Englestad, who served as facilitator of the Investment Challenge said, “What started out as a bunch of strangers with some interest in stocks, and the market, has evolved into a group of friends who enjoy getting together every two weeks and celebrate stock increases and also celebrate losses especially when it’s not real money.”