Mavericks of Wall Street

Not just any college student can brag about working with vast sums of money for their student organization, but the University of Nebraska at Omaha’s (UNO) Maverick Investment Club members have proven their expertise with a portfolio of over $1.6 million.

The program is entirely student-run, with members making investments and following a strategy to navigate stock market trends and economic conditions. Using real money is key, since no virtual simulation can compare to a real-world learning experience. Global affairs underscored that lesson soon after the fund’s establishment.

David Volkman, Ph.D., who serves as the club’s faculty advisor as well as chair of the Department of Finance, Banking and Real Estate, remembers well the Investment Club’s first challenge immediately after receiving its funds: the attacks on September 11, 2001.

The club’s inaugural students had to navigate the extraordinary conditions, with trading on stock exchanges suspended for a week followed by a market collapse and economic woes.

“I remember talking to them every day about what’s going to happen,” Volkman recalls. “It was quite an introduction for them as the market continued to drop into 2002. The situation forced the students to learn how to manage money in a significant bear market.”

It wouldn’t be the last market downturn, often called a bear market, as opposed to a bull market when stocks are rising. But the club's performance speaks for itself. Through the market highs and slumps, the Maverick Investment Club has been wildly successful after Guy M. Cloud, a UNO alum, donated $250,000 to create the student managed fund. That’s a 540% return.

“Professional money managers would love to have that record,” Volkman said.

Student-run investment clubs exist at other universities, and they, too, often invest actual money, but one particular distinction helps UNO stand apart.

Most business schools will have their investment club tied to a class with students rotating each semester. And most of the club’s funding that they manage is usually the university's money. At UNO, the money is separate from the university and belongs exclusively to the club.

Keeping the club focused on students and open to all majors is a primary mission.

At the beginning of each semester, students conduct an analysis of the club’s portfolio, as well as possible new positions. Anyone can pitch ideas and ask questions about the proposals. This leads to a buy/sell meeting where club members make final decisions about investments.

Thomas Anthone, the club’s president and a graduate student pursuing a master’s degree in business administration, highlights how decision-making is based on a committee through a democratic process.

“We're an open-minded group. When a student gives their analysis about our position or a new position, there's always good debate and discussion. Anyone is open to talk about what’s happening with our portfolio. And all decisions are made with a majority vote,” he said.

This open policy gives students skin in the game. A financial incentive doesn’t hurt either.

One of the club’s initiatives is cutting a $1,000 check to the student who recommends a stock that is approved and performs the best.

“It fosters a little bit of friendly competition,” said Trey Spethman, the club’s portfolio manager. “If these students are actually looking to invest in the markets, they can actually apply these concepts real time and start to build their own portfolio.”

It’s clear that the process is a winner. What comes with the healthy debate of industries to target forms a student’s point-of-view: whether to target healthcare or tech, how to use artificial intelligence in analysis, and what role does industrials play in a portfolio in 2025. The club has seen how its process has improved financial literacy among its members.

"Many students lack the knowledge on why it's important to save or investing it somewhere to let it grow,” said Lauryn Hagedorn, the club’s secretary. “It’s important to have these conversations because it’s also a step towards your financial freedom and ultimately retirement.”

“Financial literacy needs to be a bigger part of the discussion,” said Shohina Sultonova, the club’s chief marketing officer. “The Internet has a lot of information and jargon that can overwhelm or intimidate most people. So having someone around the same age as them that can act like a big sister or big brother to answer questions.”

Yet understanding the fundamentals of finance helps, the club remains approachable, and with opportunities to gain a deeper understanding about the economy and wealth management. At every meeting, the club hosts a guest speaker, taking advantage of Omaha’s vibrant financial services community, like Berkshire Hathaway and Union Pacific, as well as others from the surrounding area. Members also participate in the largest student-driven portfolio management competition, the Quinnipiac GAME Forum.

"It's a great opportunity to make a connection. And then one day, you meet that person again looking for a job,” Hagedorn said.

Joining the club to make those connections and gain hands-on experience has helped several of its members gain an upper hand in the job market. In fact, some of the club’s alumni have gone on to join high-profile firms like the Barclays Group in New York.

"The club is giving me direct experience managing a legitimate portfolio in with amounts a lot of people really don't get the opportunity to work with,” Spethman said.