Portfolios with Purpose

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]

Portfolios with Purpose
AbbreviationPwP
MottoInvested in Giving
Formation2011
TypeFoundation
Legal statusNon-Profit Organization
PurposeHumanitarian Aid
Location
Executive Director
Brett Waikart
Main organ
Board of Directors
Staff
No salaried employees; volunteers only

Mission

Portfolios with Purpose is working to achieve universal investment literacy through its new online program, the PwP Academy. Completely free for student users the PwP Academy brings together expert investors from the PwP community with high school and university students from around the world to teach the fundamentals of investment finance in a whole new way. Anchored by PwP’s annual Student Challenge contest, students are taught core investing principles and encouraged to try out what they’ve learned in a fun, risk-free environment. The PwP Academy introduces students to stock market fundamentals, teaches them how to invest confidently and responsibly, and gives them the tools necessary to begin investing in their own future. Besides gaining critical investment knowledge students will also be encouraged to choose a charity to support throughout the program, establishing the value of giving back early in their professional journey. We believe investment literacy is a critical component for long term financial health and as such, investment education should be universally accessible to students of any background or field of study. Thanks to the support of PwP’s sponsors, we are happy to offer this education free of charge, and we work continuously with our mission partners to make sure our program is available to those who may benefit from it the most—especially young female students or students of color who historically have lacked access to a financial education. By equipping a generation of students with the tools required for personal financial wellbeing we hope to improve outcomes in financial literacy.

Operations

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

Brett Waikart is the Executive Director and President.

Media Coverage

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, Rich Pzena, and Doug Silverman.[4]

History

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.

References
  1. "Contact Us". Portfolios with Purpose. Portfolios with Purpose. Retrieved 24 December 2013.
  2. "Portfolios With Purpose: Stock Picking for a Cause". WSJ. Wall Street Journal. Retrieved 5 November 2013.
  3. 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.
  4. "Scene Last Night: Stock Pickers Ready for Charity Contest". BloombergLuxury. Bloomberg. Retrieved 20 December 2013.
  5. "Contest". Portfolios with Purpose. Portfolios with Purpose. Retrieved 12 December 2012.
  6. Williamson, Christine (23 July 2012). "Stock-picking competition all for a good cause". Pension Investments. Retrieved 12 December 2012.
  7. Chen, Jing (29 June 2012). "Hedge Fund-Backed Charity 'Stocks Up' for Good Cause". eVestment Alliance. Retrieved 12 December 2012.
  8. "Frequently Asked Questions". Portfolios with Purpose. Portfolios with Purpose. Retrieved 24 December 2013.
  9. "PwP Tests Your Investing Acumen, All In The Name Of Charity". FINAlternatives. FINAlternatives. Retrieved 12 December 2012.
  10. "CNBC". CNBC Video Archive. CNBC Video Archive. Archived from the original on 28 December 2013. Retrieved 12 December 2012.
  11. "Trading for Charity". CNBC. CNBC. Retrieved 19 December 2013.
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