The New Lions of Wall Street
In the past 24 hours, I have been convinced that the economic future of our nation is secure. Not by any insider information or a great epiphany, but by a simple phrase from an undergraduate student at Penn State. Last night I asked a group of the students from the Smeal College of Business, "How do we get out of the current economic situation.” John Brozick, a senior at Penn State, tackled the question headon. He noted, "We must learn to live within our means and rethink how we borrow and leverage money.” This type of common sense thinking is the same message that I learned from my grandparents who lived through the Great Depression 75 years ago. It remains timeless.
John was one of 20 students who visited CSIS this week. He and Abishek Viswananthan spoke with me about the Nittany Lion Fund LLC, which they are both involved in. This investment fund was started in 2005 by former Penn State alumni and is completely student-led. The fund currently has 35 student managers who make all of the investment recommendations for the fund. While the Nittany Lion Fund took a hit over the last several months (who didn't!), on average they have outperformed the S & P 500 by 2.2%.
Considering John and Abishek's common sense approach to finances and the fact that these great minds are in their early twenties, I believe we have a long bright future ahead.