|Public Affairs - Press Release|
FOR IMMEDIATE RELEASE
Feb. 24, 2005
Contact: Anika Mitchell Perkins
TVA Investment Club earns $20,000 in 2004
COLUMBUS, Miss. – The Tennessee Valley Authority Investment Club at Mississippi University for Women won an award of $10,000, garnering second place for best performance in 2004.
Dr. Glenn Rhyne, associate professor of economics, said, “We had an annual return on our portfolio of 23 percent compared to the average return on the overall stock market of 10 percent.”
In addition, MUW won third place for the performance of its portfolio for the past three years, earning an additional $10,000.
“The (TVA) program started in 1999 and the TVA Investment Club was started in 2001,” Rhyne said. “TVA provides monetary rewards for the schools that have the best performing stock portfolios each year. We compete with these universities each year for those awards.”
MUW competed with 25 universities across the South including the University of Mississippi, Mississippi State University, Tennessee-Knoxville and Vanderbilt University.
“It is really an outstanding achievement for our students to consistently win against our competition,” he said.
Since its inception, the TVA Investment Club at MUW has won $45,000 in award money.
MUW student Sergiy Ivanenko served as president of the 10-member group in 2004.
“He was an excellent leader,” Rhyne said, noting the club used the money to visit the New York Stock Exchange and New York Federal Reserve.
“At the FED, we saw some $30 billion in gold bullion. We also took a trip to Memphis to visit representatives from UBS Financial Services, the Cotton Exchange at Dunavant Enterprises and Coors Brewery. We also visited the Mercedes plant in Alabama.”
The four top club members were awarded stipends amounting to $1500.
Educational materials also were purchased to support the purpose of the club.
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