INVESTING: Get 'Em While They're Young

Get 'Em While They're Young

Paul Lobosco, 29, a business student at New York City's Fordham University, wagered $1 million on stocks last week. But at worst he stands to lose only $49.95. That is the fee that 13,000 students paid to enter AT&T's first Collegiate Investment Challenge, a four-month contest designed to give an almost-real adventure in handling a stock portfolio.

Each entrant is equipped with a simulated brokerage account containing $500,000. The investors place orders by calling a toll-free number that puts them in touch with student "brokers" in Wellesley, Mass., who record the transactions based on the latest stock quotes. The investor who...

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