Here are the latest standings for the Mutual Fund "You Pick 'Em" Game. Michael M. is absolutely slaughtering the competition twelve days into the contest. It is interesting to note that every single person who entered the contest has had a positive gain – except one – our unnamed contestant. This means that the overall markets have been doing really well over the past twelve days.
One reason I am holding this contest is to expose folks to the variety of mutual funds that are available. We have a lot of different types of funds – international, precious metals, index, treasury, and domestic growth funds. Pick a couple that you do not know much about and plug them into the quote page at CNNMoney.com (HERE) to learn more about them.
Another reason I am holding this contest is to highlight the fact that mutual fund investments should be for the LONG TERM (5 years or longer). Why? Because mutual funds go up and down, many times very swiftly. By holding LONG TERM, you will be able to realize the gains when they happen quickly. Not too many people are great at accurately day-trading. I know that I am not! If I would have jumped out of this crappy market, I would have missed the great improvement that the markets have shown recently!
So, we have 13 more trading days before the contest ends. Will the market keep going up? Will Michael M. hold his lead? Or will John X. creep up into the standings?
By the way, NO!, I am NOT the unnamed contestant!