The stock market’s recent slump has left one BYU Marriott School student feeling anything but down. On the contrary, Nathan Gardner, an undergraduate business management major, beat out 2,100 students and faculty to win the iExchange.com$100,000 Business School Challenge.
Gardner received $20,000 for his top finish in the twelve-week, investment competition sponsored by Fortune magazine and iExchange.com. “Our winners achieved phenomenal results, beating all major market indices during the recent slump,” said Heath Schiesser, acting CEO ofiExchange.com.
Contest participants tracked the performance of more than 2,270 stocks. Winners were selected for achieving the highest average return on their portfolios. Gardner won the challenge by achieving 35 percent average return on his investments, beating the Nasdaq, which fell 32 percent; the Dow, that rose only 2percent; and the S&P 500, that increased 1 percent, during the three-month contest.
Gardner, who has been investing in the stock market for the past few years, said his strategy for the contest included developing his own charts and analysis based on what he saw to be an over-valued market. Due to quick highs and lows of recent IPOs, he felt that the Nasdaq was due for a correction. “I’m a big proponent of understanding how the market works,” Gardner said. “I wish more students would get involved and see what’s available in the market.”
In addition to Gardner’s grand prize finish, two other Marriott School students placed high in the competition. Kenton Walker, a second year MAcc student, and Gary Lu, an undergraduate business management student placed second and fourth — winning $10,000 and $5,000 respectively.
Students from the University of Pennsylvania took two of the top five spots finishing first and third. Of the 100 schools that took part in the competition, Brigham Young University was recognized as the top participant with 145 competitors. Emory University, University of Minnesota, University of Southern California and Duke University were also among those with high participation.
As for his next stock prediction, Gardner is hoping that his own online company will do well in the market. i-Moments.com (www.i-Moments.com), a company he started with business partner Justin Mabey, is set to launch this month. “i-Moments.com facilitates the creation and preservation of life’s moments,” Gardner said. “We help individuals plan and announce special events such as weddings, baby births and graduations. Through strong relationships with local vendors, we streamline the transaction process associated with these special occasions.”
The Marriott School has nationally and internationally ranked programs in accountancy, business management, information systems, organizational behavior and entrepreneurship. The school is dedicated to educating men and women of faith, character and professional ability who will become outstanding managers and leaders throughout the world. Approximately 5000 students are enrolled in the Marriott School's graduate and undergraduate programs.
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Writer: Carrie Beckstead (801) 378-1512