Actress Rachel Fox was 15 when she made her first, and worst, stock market trade using money she had earned on US TV show Desperate Housewives.
“Never again. That was a one-time thing,” Fox said about the underperforming penny stock. “You gotta think long term.”
Dozens of millennials attended Stocktoberfest at San Diego’s landmark Hotel del Coronado on the weekend to give and get investment advice.
The weekend-long event run by online site StockTwits attracts a number of younger investors, who between presentations are known to don wet suits for a quick surf or party on the beach.
Fox was invited to speak on a panel with portfolio manager and former Yahoo Finance host Jeff Macke, Fox talked about Starbucks, Pokemon and Snapchat.
Fox, who also writes a blog, said that investors — young and old — need to harness social and digital content to make better financial decisions.
Patrick Dunuwila was at least one millennial at Stocktoberfest happier to get advice than give it.
Dunuwila, 23, said he manages US$3 million of his family and friends’ money. During the keynote address of the conference, he thought he was off to good start when he opened up the StockTwits mobile app and made two trades that earned him a quick US$300.
Then, in a networking session between panels, he said he was “torn apart” by Lee Munson, a former Wall Street stockbroker turned author and founder of Portfolio Wealth Advisors.
“He told me I need to be more aggressive with asking people for money. Get up there and say ‘I’m 23, I’m hungry,’” Dunuwila said. “You walk away from that, your ego gets slashed, but I needed to hear it.”
Munson, 41, said the harsh advice he gave Dunuwila was advice he wished he had received.
“I spent my whole life in New York not knowing that I needed to be aggressive early,” Munson said. “You come to a place like Stocktoberfest where you’ve got all the freaks and all the freedom to just talk. That’s what I was doing with Patrick.”
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