Please note that this experiment is only a demo version. That is, at the end of the game, no real money transactions will take place!

In the following, you will be asked to make a simple investment decisions in 8 rounds.

You manage a fund of 2000 points. In each of 8 periods you have to decide how much of your current wealth you want to invest in a stock market index (each period corresponds to one quarter of a year). The remaining part of the fund is invested at a risk-free rate of 0.3% per period.

The development of the stock market index over the 8 periods (quarters) follows a historical price path of a real stock market index. The price paths are a randomly picked sequence of 8 quarters (2 years) from one of five major stock market indices for the time span between January 1989 and December 2014. Each index is equally likely to be selected. You will not receive any information on the name of the index or on the exact time span.

In each period you can invest between 0 and 200% of your current wealth in the stock market index. If you invest more than 100%, the fraction exceeding 100% is borrowed at the risk-free rate of 0.3%. At the end of each period your earnings/losses will be calculated according to your investment decisions. Each period's result will be added to or subtracted from your funds balance and carried over to the next period.