We all have that fantasy. If I had a million dollars, what would I buy. Well I have a million dollars now, but it's just that - a fantasy. I have another virtual stock account.
I entered the CNBC Portfolio Challenge which started on Monday. The object is to see how much my portfolio will be worth by the beginning of May. Maybe I'm too conservative an investor, maybe I need to think bigger, but it's very hard to spend a million dollars on stock.
It's taken me a week, but I think I've finally spent my million. My portfolio is now worth approximately $1,004,800 and I'm in the top 44% of the challengers. It's really hard to think of enough companies worth buying. My portfolio includes insurance companies, entertainment companies, retail companies and pharmaceutical companies. It's really wierd to place an order for 1000 shares when I consider it extravagant to buy 100 shares with real money.
I've spent this past week building my portfolio and if the bulls stay on Wall Street, I'll spend next week selling and taking my profits.
Stay tuned for my progress report next week.