Portfolios With A Purpose

Portfolios with Purpose ("PwP") is a registered 501(c)(3) Non-profit organization[2] founded by Stacey Asher 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] Contents 1 Mission 2 Operations 3 Senior Management 4 Media Coverage 5 History 6 References 7 External links Mission[edit] Portfolios with Purpose was founded to create an engaging competition for those in the financial community and home/amateur[2] 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.[3][8] 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.[9] 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] Asher is the Founder and current CEO, Alex Duran of Permian Investment Partners[10] is Chief Financial Officer and Financial market Subject-matter expert, Joshua Williams is the Chief Operating Officer.[1] Media Coverage[edit] 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.[3] 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,[2] Marc Lasry, Rich Pzena, and Doug Silverman.[4] History[edit] 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.[3][8][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.[3]