学生分析师在石油和天然气剧上赢得大量

最后的堕落抱负的金融家从美国跨越美国。登录了一个模拟的交易台，有机会获胜亚博赞助欧冠第三届年度全美学生分析师竞争。以100,000美元的虚拟现金冲洗，来自74所学院和大学的2000多名学生骑行低利率，埃博拉恐慌和坦克油价，因为他们争夺罗素3000指数。

Takingtop honorsthis year is Matthew Feldman, a senior at Baruch College in New York. Feldman participated in the competition as part of professor Bruce Kamich’s technical analysis class, where he learned different buy and sell signals. A die-hard value investor, the 23-year-old Honolulu native dumped more than half his capital into Southwest Airlines Co., enticed by an attractive price-earnings ratio, strong earnings and the expectation that low oil prices would ratchet up net profits.

“像亚马逊一样的股票有超高效的比例，我远离，”他解释道。“我宁愿投资有高价值和大量潜力的股票。”熟悉他的首选，英德曼自2010年以来举行了达拉斯的航空公司。

All-America Student Analyst Competition 总共前100名 长alpha. 短alpha. 网络基准表现优于 学生的学校 前100名 Most Popular Stocks

Apart from Southwest Airlines, Feldman put together a diversified book with holdings in the energy, financial, health care and retail sectors, domestic and abroad. His second-largest position was a 27 percent allocation to Main Street Capital Corp., a Houston-based private equity firm catering to lower-middle-market businesses. Feldman wanted his second-largest position to be a good income stock and picked Main Street for its stable price history and high dividend yield, he reports.

使用基于康涅狄格州的STAMFORD开发的AlphuSeal软件平台，基于康涅狄格州的研究服务提供商标志着我的媒体，这些模拟产品管理人员可以购买和销售股票和指数资金，使用杠杆和2014年9月2日的短职位，到1月30日，2015. (Not all students placed their first trades on the same day.) To better simulate a trader’s responsibilities, the competition required participants to maintain a trade journal explaining their stock picks and also to comply with Regulation T, the Federal Reserve Board rule enforcing a 50 percent margin constraint on initial stock purchases. Violation of the rule taught students the perils of ignoring financial regulations as some were disqualified from the overall ranking.

“每个行业都有它的”鸡肉/鸡蛋“范式。alphaseal将新进入者提供进入该领域的机会，以便在委托信托责任之前证明他们的能力，“Mark My Media的总裁Roy Ophir解释道。“没有人相信交易纸质组合是运行实际货币的同样的事情。但是，验证的轨道记录对于行业中的大多数人（特别是新进入者）不可用。我们建立了一个模拟的交易平台，将每晚标记为市场的投资组合，具有独立的源泉定价数据和模拟主要经纪报告的统计反馈。这是一个完全沉浸经验，对我们的系统用户非常受欢迎，对雇主非常有效，验证了入门级候选人的特定技能。“

虽然有些人富有而其他人破产，但是基于六个指标的alphaseal平台参加了参与者：网络基准表现优于，波动，资产负债表撞击，净暴露影响，长alpha.和short alpha. The aggregated scores determined the整体排名在比赛结束时。

In a win driven largely by the 56 percent return on his investment in Southwest Airlines, Feldman placed first in the overall competition in spite of having a long-only portfolio. “When you’re shorting, you can lose an infinite amount of money,” he says. “Unless you’re very confident or you know something that most people don’t, I wouldn’t do it.”

费尔德曼并不孤单地避免短缺;事实上，只有2000多名参与学生的850名选出股票。德克萨斯大学的金融教授在奥斯汀的德克萨斯大学，他要求她的学生持有至少一个短位置，认为本科生一般都很紧张，因为它们不太熟悉该技术。

“Undergraduates are still learning about how to hold long positions and invest, and they’re also trying to understand the effects of leverage,” she explains. “By definition a short position is using borrowed funds, so now you’ve got borrowed funds and a short rather than a long. So I do understand why for some undergraduates that can be a bit intimidating.”

In the words of legendary short-seller James Chanos, the founder of Kynikos Associates, a New York–based investment management firm known for its highly lucrative bets against Enron Corp., “Short-sellers are the professional skeptics who look past the hype to gauge the true value of a stock.” In that light, Josh Kohler — a recent graduate with a bachelor’s degree in finance from Philadelphia’s Drexel University — must be a master skeptic. Although he doesn’t finish among the top 100 students, Kohler isNo. 1在short-seller competition, generating a remarkable short alpha of 467 basis points, more than three times the magnitude of second-place winner Mohamed Moawad and over five times larger than last year’s top shorter.

科勒是一个自称的逆势投资者，他的短书赢得了对相机开发商Gopro的赌注，高收益抵押房地产投资信托安然资本管理，零售巨头沃尔玛和电动汽车制造商Tesla Motors。来自宾夕法尼亚州Lehigh山谷的海绵，25岁的老年人对金融业没有陌生人。科勒对宾夕法尼亚州的金钱经理特纳投资以及龙基金，Drexel的学生股票投资组合进行了股票研究。在2013年夏天，他在巴塞罗那境外的Banco Sabadell intermed。

“我喜欢风险奖励，”他的职业选择Kohler说。“我喜欢它是动态的。我每天都喜欢这一切可能是可怕的，或者一切都可以很大。我只是不喜欢静态环境，在那里你知道你每天要做什么。我喜欢在这个巨大的市场的怜悯中可以随时做任何事情。“

在六个绩效标准中评估所需参与者从各种角度仔细审查其投资组合选择。UT Austin的Kamm Le Low Le Low LeD学生通过尽头股票采摘赢得顶级学校的称号。“独自运气永远不会这样做，”她说，解释了投资者必须阅读市场环境的方式，并制定一系列关于杠杆，多元化和短期组合规模的决定。“你必须有技巧，你必须努力进入它。”

自比赛开始以来，KAMM已将其编织成UT AUSTIN的金融分析师计划的课程。将20名学生放在前100名（从去年的两名）中，UT Austin由四名参赛者击败了第二位巴鲁。“如果你将在短alpha中加强，如果你在整体竞争中或在行业竞争中放置良好，你必须有一些技能，”她说。

如果是这种情况，那么纽约福特汉姆大学的第一年MBA学生Jason Ayat刚刚验证了他的职业变化。Ayat在整体竞争中排名第五，在能源部门的短alpha和第三个中的第五次 - 一个壮得难以相信他的学士学位在新闻中，他没有专业的财务经验。

Ayat was born in Egypt, the son of a Lebanese executive in the finance department of Schlumberger, a Houston-based oilfield services provider. Owing to his father’s work, his family bounced around the world, settling in big oil production hubs: Dallas, Dubai, Paris, Houston, Jakarta and Singapore. Over the years he became fluent in three languages — English, Spanish and French — and developed a deep understanding of world energy markets.

“我肯定足够新的是玩投资游戏，我仍然最舒服地追求我所知道的公司，”他说。“我正在学习看其他因素，但对我来说，我确实必须知道公司所做的事情，并对他们是谁的良好理解。”

这座30岁的人在西南航空公司和基于亚特兰大的三角洲航空线上占据了长期职位，期望他们从暴跌的燃油价格中受益，而少租油田服务公司Halliburton Co.的休斯顿和瑞士的Transcocen。在后者股票中扣除了他的短职位的51％的回报，在能源部门的排名上占据了Ayat的第三场位置。

Baruch’s Kamich has observed a trend of students picking companies that recently held initial public offerings, such as social networking site Facebook, cybersecurity services provider FireEye and microblogging site Twitter. Undergrads, he says, often instinctively follow the mantra of Fidelity Investments’ Peter Lynch: Buy what you know.

“对于他们来说，要脱颖而出，要明白我们没有投资公司，我们正在投资该股，”克切米解释说，虽然他承认学生从他们兴趣开始的学生的利益。“它可能有一个美妙的故事，我们使用产品，但这并不意味着底线是在那里，收入增长。你必须分开。“

林奇殴打街道was one of the first books on investing that this year’s overall second-place winner, Spiro Nanakos, ever read. The Drexel junior diversified his portfolio across sectors that he understood. Thanks to having a sister who is a biomedical engineer, Nanakos can talk biotechnology without stumbling over terms like “homozygous familial hypercholesterolemia.”

The 21-year-old from Goshen, New York, made a highly profitable bet on Carlsbad, California’s Isis Pharmaceuticals, which saw its stock soar 43 percent over the period. “They’ve been beating out all of their projected earnings-per-share for every quarter,” Nanakos explains. “They’ve been hitting milestones. They’re also partnering with other big companies like Biogen to work on the pipeline of products they have.”

纳克斯一直在管理自己的投资组合，因为他19岁以来，使用他在父亲的建筑业务工作的钱。在比赛中，他必须在缩短的情况下尝试他的手，并杀死了对特斯拉的赌注。“用油滴，谁会想要一辆电动车？”他问。“加上，他们可能是一家迅速增长的公司，但它们非常不稳定。他们的资产负债表并不像它一样健康。“

纳卡诺斯计划在金融与建筑工程中进行双重专业，计划在私人财富管理中开始职业生涯，并可能稍后转变为房地产开发。自11年代以来在建筑行业工作后，他将他的第一次实习与纽约的经纪国家证券公司一起降落在金融中。

There is no secret formula for success in the student analyst competition. Those who landed in thetop 100雇用了各种策略：有些是日间交易员，而其他人则买过并举行。一些拥有多元化的投资组合;其他人集中在特定部门。此外，顶级表演者在教育和工作经验方面来自不同的背景。“那些做得好的人，”观察巴鲁克的Kamich，“是关于它更热情的人。”