Academic journal article ABA Banking Journal

Two Bankers Snag Stock Contest Honors

Academic journal article ABA Banking Journal

Two Bankers Snag Stock Contest Honors

Article excerpt

It's almost always more fun to be an optimist, and sometimes it's fun to be a contrarian. When you combine the two and end up a winner, that's the most fun of all. California trust banker Sang Hong did just that, turning in the winning prediction for the close of the Dow Jones Industrial Average for 2006, in a contest sponsored by ABA and ABA Banking Journal.

Hong, vice-president and senior trust officer in the Private Bank of Bank of America, was one of 156 bankers to enter the long-running contest during last year's ABA Wealth Management and Trust Conference, held in March. She recalls that most of the people at her table seemed pessimistic, even though the Dow at that point was ahead by about 900 points. She decided to be the different one. As it turned out, 92% of the entries predicted a close lower than where it actually ended up-12,463.15. Through last July, it looked like the bears were on the mark, but then the Dow began a steady climb to post a 16.3% gain for the year. For her prediction, Hong decided that a round number was a good as any, and she was right. Her pick of 12,500 turned out to be the closest. For 2007 she's sticking with a higher Dow close once again, she says.

Second closest in the Dow Jones part of the contest was Brad Jones, assistant vice-president, SunTrust Bank, Atlanta. …

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