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 An Online Stock Market for Sports Fans

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An Online Stock Market for Sports Fans Vide
PostSubject: An Online Stock Market for Sports Fans   An Online Stock Market for Sports Fans Icon_minitimeTue Oct 07, 2008 11:52 pm
Here’s an ironically appropriate Web startup for today’s calamitous economic times.

An Online Stock Market for Sports Fans 01bitssports533nn7

Today OneSeason.com is introducing a day-trading site for sports fans – a Web stock market which allows people to invest real money to own “shares” of their favorite sports players, teams and leagues. The word “shares” is in quotes because the shares on OneSeason are, ultimately, meaningless— only illusory slices of players like Eli Manning or Lebron James, which either rise or fall depending on the demand for those shares among other traders. People can transfer up to $2500 a year to their OneSeason accounts.

Mike Sroka, OneSeason’s founder, a former hedge fund analyst, compares OneSeason stock to collectible playing cards. “The cards have no intrinsic value, but due to limited supply and notoriety of the player, they fluctuate in value,” he said.

Three times a day, the site will issue IPOs – Initial Player Offerings – for players in football, basketball, baseball and hockey. Prices can bounce between 50 cents and $20, either splitting or reverse splitting as they brush up against those limits.

The company is partially backed by Kalydus Asset Advisors, the Dallas hedge fund where Mr. Sroka formerly worked. It will try to generate revenues from one-percent commissions on trades and the interest income on client accounts.

So why would anyone buy a virtual share of a player backed by no physical good or promise? To bend my English-major brain around the idea, Mr. Sroka connected me with Stephen Burnett, a family friend and professor of strategic management at Northwestern’s Kellog School of Management, who is advising the firm.

Mr. Burnett is enthusiastic about the company and said it stood to attract the kind of obsessive that flock to fantasy sports and gambling. He also pointed out that there is not necessarily a physical promise backing up the markets for oil futures and commodity options, either. “You hear about all these people speculating in oil. They are not buying oil. They are buying an instrument that is a promise,” he said. “The thing you have to understand in financial markets is that people invest in things that are not necessarily physical.”

LNK

Fuck you, you're way too dear...

We can copy their details and trade here for free...

Nya, nya, nya!
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