Portfolios with Purpose
 | A major contributor to this article appears to have a close connection with its subject. (February 2021) |
 | |
| Abbreviation | PwP |
|---|---|
| Formation | 2011 |
| Type | Foundation |
| Legal status | Non-Profit Organization |
| Purpose | Humanitarian Aid |
| Location |
|
Executive Director | Brett Waikart |
Main organ | Board of Directors |
Staff | No salaried employees; volunteers only |
| Website | portfolioswithpurpose |
Portfolios with Purpose ("PwP") is a registered 501(c)(3) non-profit organization[2] founded in 2011.[3] It is an annual virtual stock selection competition in which players of novice and professional experience pay a nominal entry-fee[4][5][6][7] 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.[2][5][6]
Operations[edit]
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.[5][6]
Senior Management[edit]
Brett Waikart is the Executive Director and President.[citation needed]
Media Coverage[edit]
After a year-long trial period, the public announcement of Portfolios with Purpose was conducted on June 20, 2012.[9]
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.[10]
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.[3]
On December 19, 2013 Portfolios with Purpose announced the official launch of the 2014 Contest Year with several participating philanthropists.[11] The Giving Pledge signatory Leon Cooperman, and Robin Hood Foundation board member David Einhorn[11] both founding Portfolios with Purpose members announced their return to the contest. As well as James Dinan,[2] Marc Lasry, Richard Pzena, and Doug Silverman.[4]
History[edit]
Portfolios with Purpose hosted its first stock picking contest for charity in 2013. 50 friends and family came together to play this year-long contest with each contestant building a fantasy stock portfolio and selecting a charity to represent. Players “bought-in” to the contest with an entry donation and competed to win the combined donation pool for the charity of their choice. As with every contest PwP manages, 100% of all entry donations were passed on to the winning charities. We had no idea this first contest would spark the philanthropic spirit of an entire industry. Fast forward to 2020 and our annual contests regularly draw thousands of professional and amateur investors who compete on behalf of their favorite charities.[citation needed]
References[edit]
- ^ "Contact Us". Portfolios with Purpose. Portfolios with Purpose. Retrieved 24 December 2013.
- ^ a b c Russolillo, Steven (5 November 2013). "Portfolios With Purpose: Stock Picking for a Cause". WSJ. Wall Street Journal. Retrieved 5 November 2013.
- ^ a b Ziegler, Maseena (1 December 2012). "When Quitting Is Not An Option - How You Can Find Purpose And Fulfillment Through Your Career". Forbes. Retrieved 12 December 2012.
- ^ a b "Scene Last Night: Stock Pickers Ready for Charity Contest". BloombergLuxury. Bloomberg. 20 December 2013. Retrieved 20 December 2013.
- ^ a b c "Contest". Portfolios with Purpose. Portfolios with Purpose. Retrieved 12 December 2012.
- ^ a b c Williamson, Christine (23 July 2012). "Stock-picking competition all for a good cause". Pension Investments. Retrieved 12 December 2012.
- ^ Chen, Jing (29 June 2012). "Hedge Fund-Backed Charity 'Stocks Up' for Good Cause". eVestment Alliance. Retrieved 12 December 2012.
- ^ "Frequently Asked Questions". Portfolios with Purpose. Portfolios with Purpose. Retrieved 24 December 2013.
- ^ "PwP Tests Your Investing Acumen, All In The Name Of Charity". FINAlternatives. FINAlternatives. Retrieved 12 December 2012.
- ^ "CNBC". CNBC Video Archive. CNBC Video Archive. Archived from the original on 28 December 2013. Retrieved 12 December 2012.
- ^ a b "Trading for Charity". CNBC. CNBC. Retrieved 19 December 2013.