Fantasy investing website, UpDown.com

(NECN) - The new fantasy investing website UpDown.com gives players $1 million to create a simulated stock portfolio. Those who out-perform the S&P 500 every month get real cash prizes. The more often one beats the Standard, and the greater the difference, the bigger one's reward. Four players have earned more than $1,000. The site is also a social network where people can sit and chat with winners and losers. Users can tout or pan stocks like an analyst, comments others can view and respond to. The site was founded by three Harvard MBA students. They plan to make money by using the insights and stock picks of users who consistently outperform, to start a real multimillion dollar group of funds invested in various markets. The investment vehicle will be funded by a Swiss Angel investor who is already backing the start-up with $500,000. So far 12,000 people are on updown. NECN's Mont Fennel has more.