How To Invest That $1 Million Prize
So, you've won $1 million in CNBC.com's Million Dollar Portfolio Challenge. Now what? That's the question posed by CNBC's Margaret Brennan on "Morning Call." Three strategists were on deck to advise her -- and the Challenge's participants.
CNBC's Jeff Macke -- of "Fast Money With Dylan Ratigan" fame -- said he'd throw the $1 million into the air and let it "rain money" on him. Then, "I'd invest it," he declared.
Alan Skrainka, chief market strategist at Edward Jones, advised that "when markets go crazy," investors need to focus on "what they can control." Skrainka said the top three things to remember are "quality" of investments, diversification of portfolios and maintaining a long-term view.
Despite the wild back-and-forth of the market's last week, Art Hogan, managing director at Jefferies and Co., said a million-dollar windfall should go into stocks. He recommended putting $250,000 into each of four "basic" categories: international, energy, consumer non-discretionary and a "high-flier," biotech. Hogan declared that investing the prize this way means it's likely that "a year from now, you'll be a lot richer."