From Joe to Pro? Marketocracy.com Lets Investors Run Virtual Fund

The "power to the people" money-management experiment is picking up steam, but only time will tell if that's a good thing.

Monday saw the launch of a new Web site, Marketocracy.com, where Main Street investors can play Wall Street titans by picking a $1 million stock portfolio -- with play money, of course. But instead of picking stocks for their own edification and education, this exercise could lead to a job running a fund.

In trying to bring meritocracy to the markets (hence the name), the shop plans to launch a fund that will be co-managed by the five best stock pickers in each industry sector over the next three years, according to its Web site. Eventually the Los Altos, Calif.-based firm hopes to launch a fleet of funds run by the most talented amateurs on its site. While the concept is intriguing, only time will tell if wannabe managers are a good investment. ...