CNBC.com is in the midst of running its Million Dollar Portfolio Challenge, which is pretty much exactly what it sounds like. Since the gargantuan sum of one million dollars is at stake, the business news channel brought in a couple of experts to offer some advice on how best to play the game. As this wasn’t a segment for Closing Bell, Sandy Weill turned out to be unavailable for consultation but know who they did manage to wrangle over to Englewood Cliffs? That’s right, Timothy P. Sykes, founder of Cilantro Fund Partners and the original Wall Street Warrior! Plus some other guy (JJ Burns, JJ Burns & Company president), who wants you to know this contest is “all about the ‘mo,’ the ‘mo’ in ‘momentum’.” Really. Timmy counseled contestants to put all their money in one or two stocks, play the odds, and buy in front of the news. He also likes Six Flags, and speaking with inflections that might be best punctuated by kicking a piece of furniture, were one available, which it wasn’t. No matter. Apparently Mr. Sykes did well enough that CNBC’s asked him to be an official commentator for the stock challenge, and will be appearing every Friday night for the next several weeks, making him, in some circles, a bit of a celebrity. Somewhere, Christian Slater just popped one of his last remaining blood vessels and he doesn’t even know why.
Sykes on CNBC part I [CNBC.com]
Sykes on CNBC part II [CNBC.com]
Wall Street Warriors!
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I tried to click on the links but the videos are down like his fund!
trader: they’re not actually down, cnbc’s site is just such a piece of crap that you get video like 2% of the time. but the audio’s all there. listen to the word of the sykes, in all his glory.
REPRINT: Here’s my comment posted elsewhere regarding the Nancy Beaumont, multiple accounts scam. My current Rank is 174 and portfolio value is $1,303,450. I put alot of effort into preparing leading up to the contest, but I’m now quitting because it turned into a joke. There is NO STATISTICAL way that we can compete with her. She has 800 eggs and 800 baskets. We all have one.
Hey all,
Thanks. I’m thinking, however, of dropping out of the contest because of the Nancy Beaumont scam and the fact that there isn’t a single brain working in the Executive Offices at OptionsXpress or GE/CNBC. I don’t exaggerte. Get this–NB has 800 accounts with the potential of making 40,000 trades per day. I hope you’ll all join me now in getting out the word to other Press outlets how OptionsXpress and GE/CNBC let this contest spiral out of control.
I’m in shock and I trust that the rest of you are not going to believe this either. I just read the blog of the so-called Official Blogger, Mark Koba, at CNBC’s site, and he is stating, contrary to Dylan Radigan’s comments last week, that muliple [sic] accounts are, get this–within the Rules.
The Rules state, in no uncertain terms, that each “participant” is entitled to “1,000,000″ and “50″ trades per day, not $800 million spread over 800 accounts and “40,000″ trades per day.
This is an absolute joke. Any of you who understand statistics know that she is all but guaranteed to be the winner. There’s no sense going on with the contest.
I intend to contact other press outlets to expose how silly this is and how everyone fell asleep at the wheel at OptionsXpress and GE/CNBC. They encourage everyone to read the Rules, but obviously they forgot to read their own Rules.
Dave”
P.S. Unbelievable
Wow Dave, I just checked the current leaders and man, that is too funny.
I finished with $1.6 last year, but can’t trade during the day, and got pissed that my trades would execute like 36 hours later, rather than 1st thing in the AM if put in at 7:00 est.
I’m pretty impressed that Nancy’s playing CNBC like fools. Kudos to her.
I thought the tim sykes way was to buy a thinly traded pink sheet
Man, you can tell the closing bell is looming: CNBC.com has slowed down to a crawl.
I’m glad I got all my trades in for the day a half hour ago.
BEWARE: Do not trust Tim Sykes with managing your money!! He has lost his investors a lot of money throughout 2006 and 2007!!
July 2007 UPDATE Tim Sykes/Cilantro Fund Audited Performance:
July2007: -1.65%
YTD2007: -10.26%
TimSykes Hedge Fund Audited Performance(3/2003-6/2007):
Compounded Annual Return: 1.52% (underperformed money market rates, with much higher risk)
Timmay Fund Sharpe Ratio (Annualized): -0.06
(may as well bet on coin flips; or give up and go on TV/self-publish etc)
I purchased Sykes book and read it over the weekend. It is a poorly written life story of a failed trader who has fallen on hard times. This book is basically like a blog of an average person who got lucky trading stocks (which it really should be – blog and nothing more).
Beware of all the phony glowing reviews for Sykes Book. Its the good ole boy network in high gear where authors/investment advisers use the buddy system to give fake good reviews to each other.
Book NOT worth $20!
Better bet is to buy book – Millionaire Traders by Kathy Lien. At least you will learn something. OR Curtis Faith’s book.
(I like Tim, and hope he eventually finds a career through which he can succeed).