DFE's sponsored competitions allow Duke students to the learn about the range of roles in the financial markets through hands-on, team-driven experiences. We partner with a financial firm for each competition, creating opportunities for students to receive feedback on their work from finance professionals. All Duke sophomores, regardless of major, are eligible to participate.
Duke undergraduates are invited to join the DFE email list to receive information about DFE competitions and activities, including notifications about competition guidelines and registration.
View the Fall 2021 DFE Competitions calendar here.
Registration for the Fall 2021 Trading Game is closed.
DFE’s annual trading game, sponsored by Morgan Stanley, teaches sophomores about trading, portfolio management, and risk and return by allowing them to trade a simulated portfolio of global securities throughout the fall semester. Players gain intimate knowledge of the movements of major financial markets and experience the thrills and spills of developing losing and winning trading strategies. Students who are considering applying for summer finance internships will find the trading game helpful as a way to get in the practice of watching the markets. All Duke sophomores are eligible to participate.
Via Stockfuse, the Morgan Stanley Trading Game runs nine weeks, Monday, September 13 to Friday, November 19, with a pause in play the week of October 4-8. Trading takes place on a semi-real time basis during market hours only: 9:30 a.m. to 4 p.m., Monday-Friday. All participants in the game will be able to observe their own and everyone else's rankings at any point during the course of the game. (Each trader creates a username, so everyone is anonymous.)
The game will have up to four winners: the top trader for each of the game’s three periods, September 13-October 1, October 11-29, and November 1-19, and the overall top trader.
- You may only trade a pre-selected group of assets. All of these are Exchange Traded Funds (ETFs) that mimic the returns of some U.S. and global equity indices, bonds, commodities, and currencies. If you try to trade any other asset, the trade will be rejected and you will receive an alert.
- The game will have risk limits that will affect the extent to which traders may borrow money and/or short sell the ETFs.
- It is not possible to trade options in this game.
- You will be able to trade as frequently as you wish while markets are open. (You will not be able to trade while markets are closed.) Note, however, that there will be a 20-minute delay on all trading prices within the game. This is intended to discourage ''day trading.''
- Each time you initiate a new trade, you must include a comment that explains your rationale, including your stop loss and take-profit levels.
- All traders must submit a trading journal at the end of each period to document their trades and strategies. Trading journals will be due by 5 p.m. on the last day of each period (October 1, October 29, and November 29). The journal should consist of one paragraph maximum describing your best idea for the period, what you wish you had done differently, and any other takeaways.
Students who do not submit a trading journal for a given period cannot win the game for that period. To be eligible to be the grand winner, students must submit journals for all three periods.
Risk Limits and Buying Power
- Each trader begins with a cash position of $100,000. You may use this cash to purchase any of the ETFs in the pre-selected group.
- Traders may also borrow money on margin, using their existing ETFs as collateral, subject to Buying Power risk limits (see below).
- Traders may also short sell (i.e., sell ETFs that you don't already own), again, subject to Buying Power risk limits.
- Your Buying Power is a dollar amount, reported at all times at the top of your dashboard in Stockfuse, alongside your account value, cash balance, and realized P&L. Buying power is calculated as cash + long positions x 50% – short positions x 150%.
- Your buying power must remain positive (>0). If it goes negative, you will receive an alert, instructing you to “cover” shorts or sell long positions to make your buying power positive again. If you don't do this yourself within a couple of days, Stockfuse will automatically liquidate part of your portfolio.
- If you choose to short sell ETFs, be aware that this will significantly negatively impact your buying power because short selling is inherently riskier than buying.
- Buying power changes over time as a result of changing market values of your long and short positions. Thus, if you have traded on margin at any time during the game, you should keep an eye on your buying power throughout the semester in case it goes negative.
Competitor Rankings and Game Winners
You can view all competitors' rankings by username on the leaderboard page. You cannot look at other traders' trades or portfolios. The winners will include the students who ranked highest for each period plus a grand winner. Ties will be broken based on the quality of trading journals and the creativity of usernames.
The Asset Allocation Competition, sponsored by BlackRock, teaches students about the portfolio allocation process. The competition requires participants to imagine themselves as portfolio managers for an asset management firm that offers a range of investment funds for many different types of individuals and institutions. All Duke sophomores are invited to participate.
Congratulations to the Fall 2021 winning teams:
Best Overall: Oum Lahade, Michael Legesse, Cindy Xu
Runner Up: Trey DiCarlo, Pierce Lutz, Cason Pierce
Honorable Mention: Audrey Hicks, Emily Hughes, Taylor Perlman
In the fall semester, DFE invites sophomores of all majors to participate in a corporate valuation competition sponsored by Wells Fargo. Participating in this competition enhances your understanding of how investment banks value corporations as part of deal activity such as mergers, acquisitions, and LBOs. It is valuable for students interested in all roles in the financial markets. The top 10 teams present their trades to a panel of visitors from Wells Fargo.
Congratulations to the Fall 2021 winners!
1st Place: Maxwell Brown, Thomsen Hoops, Ryan Hu
2nd Place: Clare Abboud, Peter Caragol, David Turner
3rd Place: Ella Bergner, Stanley Sunata, Eric Zhang
4th Place: Suyash Chandak, Amiya Mehrotra, Naman Parikh
The objective of this competition is for students to learn how to create and justify a trade idea on behalf of a hedge fund. Students work in self-selected teams of three to propose a unique trade (buying and/or short-selling specific securities) and create a presentation with an explanation of the trade thesis. The top 10 teams are invited to present their trade idea to a panel of Goldman Sachs investment professionals. Duke sophomores from all majors are invited to participate.
This competition is offered in collaboration with the Duke Investment Club.
Fall 2021 Winners:
1st Place: Oum Lahade, Michael Legesse, Cindy Xu
2nd Place: Emilienne Columbus, Charles Hipps, Christian Wright
3rd Place: Sujay Alluri, Tejas Juware, Julian Mazhar