Surf, suds and stock tips: Millennials find place at Stocktoberfest
By Melissa Fares
SAN DIEGO (Reuters) - Actress Rachel Fox was just 15 when she made her first, and worst, stock market trade using money she had earned on "Desperate Housewives."
"Never again. That was a one-time thing," Fox said about the underperforming penny stock. "You gotta think long term."
The actress, best known for playing the troubled stepdaughter Kayla Huntington on the hit ABC television show from 2006 to 2008, was one of dozens of millennials who turned up at "Stocktoberfest" at San Diego's landmark Hotel del Coronado this weekend to give and get investment advice.
The weekend-long event run by online site StockTwits attracts a number of younger investors, who between presentations on fintech, fundamentals and the future of finance are known to don wet suits for a quick surf or party on the beach with beers.
At only 20, however, Fox was too young to be served alcohol. Instead, she spent her time drinking bottled water, refreshing her Twitter feed to monitor stock prices and googling unfamiliar financial terms that came up in conversation about the bond market and company debt.
Invited to speak on a panel with portfolio manager and former Yahoo Finance host Jeff Macke, Fox talked about Starbucks, Pokemon and Snapchat. The actress, who also writes a blog called "Fox on Stocks," argued that investors - young and old - needed to harness social and digital content to make better financial decisions.
Being the "resident millennial" at Stocktoberfest didn't bother Fox one bit. "It gives me leverage," she said. "I have people coming up to me and asking: "What's the millennial secret?'"
Patrick Dunuwila, however, was at least one millennial at Stocktoberfest happier to get advice than give it. Dunuwila, 23, said he manages $3 million of his family and friends' money. During the keynote address of the conference, he thought he was off to good start when he opened up the StockTwits mobile app and made two trades that earned him a quick $300. Continued...