MARKET CLOUT: Invest in What You Love
October 24 2010
In the summer of 2005, 12 extraordinary women interned with me/85 Broads in Greenwich. Some signed up for two months, some for two weeks.
Our mission that summer: to figure out why young women, for the most part, didn't think investing in the stock market was exciting. We decided to figure out how to make it fun and like most things that work, it was a pretty simple concept --it was all about investing in WHAT YOU LOVE. For example, if you thought your iPod was cool, buy Apple stock. If you loved Fry boots, buy Steve Madden stock. If you loved the new line of Coach handbags, buy the stock!
We put $75,000 in a Fidelity account and bought shares in the following companies:
West 49, La Senza, Ann Taylor, Walmart, Chico's, Apple, AOL, Medco, Genesis, Panera Bread, Texas Roadhouse, Estee Lauder, Steve Madden, Symantec, Corning, American Eagle, Research in Motion, Bed Bath & Beyond, Whole Foods, Clear Channel, and a Canadian company called Formation Capital Corp.
Hands down, it was one of the most exciting afternoons of the summer of 2005. We felt smart and sassy and empowered!
Fast forward 5 years: several of the rockstar women who interned with us in Greenwich that summer have gone on to launch their own businesses. Alexa von Tobel launched LearnVest and is lauded as "the next Suze Orman." Meghan Muntean and Stacey Borden recently launched ChickRx-- one of the hippest health sites for young women. Here's the thing: even though none of these gals majored in Comp Sci, they are all leveraging the internet to brilliantly build their businesses. Here's what's amazing (although not at all surprising) -- all 3 of these gals spent a year or two or three at one of the major investment banking houses before striking out on their own.
Here's my prediction: hundreds of brilliant young women are going to launch "NEWCO" in the next year or two -- they are intrepid investors and they've all figured out that real market clout is all about investing in what they love -- THEMSELVES.
I just got back from a weekend in Massachusetts with my daughter Meredith. Mer is a Studio Art major at Wheaton College -- she graduates in May 2011. Mer can go on to grad school or perhaps teach art -- but here's the catch -- she's an entrepreneur through and through -- she wants to start her own business for aspiring young artists who want to pursue their passion post college. We came up with a killer name for the company -- TBA at a future date.
One of the highlights of our weekend was spending the day in Boston scouting locations for her biz -- we're definitely thinking Newberry Street!
You gotta love it -- we still find ourselves in a jobless recovery but that isn't going to stop these fearless young women from taking the entrepreneurial plunge.
As I love to say: YOU GO GIRLS!!
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