Seated around a long conference table, a group of men and women are poised to hear a profile of four major railroad companies. The topic of debate? Whether to buy stock.

Jared Perlin stands before a large, wall-mounted plasma screen that displays his well-researched facts and figures. Addressing the group with confidence, he explains that one of the biggest advantages of the rails is that they have the greatest fuel efficiency of any mode of transport. But he also notes a drawback: they are privately owned, so there are no government subsidies.

After 20 minutes, the potential investors decide it’s worth pursuing more information on the railroads. “Whatever has the greatest growth potential works for me,” one self-assured investor says as she leans back in her chair.

The scenario could take place at any brokerage house on Wall Street, but these decision makers are actually talented Southern finance students who are learning about investing the old-fashioned way: buying and trading real stocks with real money.

The Ad Astra Investment Fund, meaning “To the Stars” in Latin, opened in September 2007 with a $50,000 allocation from the SCSU Foundation. “This experience will make these students more attractive to a wider range of employers,” says Dr. Robert Eldridge, the professor who brought the program to Southern. “When employers hear that they helped manage a $50,000 investment fund with real money, they’ll sit up and take notice.”

Eldridge made it clear when he initiated the program that the money could be lost. The recent volatile stock market has provided a fast-track education. At the beginning of October, the students were featured on news segments on channels 3 and 61. One of the reporters noted that Ad Astra had outperformed all major retirement accounts, including his own.

Each month the students review the current economy based on the leading, lagging, and current environment indicators. The sub-prime mortgage crisis,

the high cost of fuel, and market shifts have made for “priceless” lessons, explains Eldridge. But a thriving or so-so economy would bring valuable insights as well.

“This class makes you think outside the box,” says student Steven Cooper, 21, of Montville. “The biggest thing I’d take from this is learning how the international economy works, wondering each day, for instance, ‘Did the dollar weaken?’”

Located in the former student center, Southern’s trading room looks the part. There’s a board to monitor the change in stocks held by the class, among them: DOM, BRL, CTXS, and HWI. Three imposing clocks on the wall show the times in New York, Tokyo, and London, where the major markets are located. Beneath them is a large plasma television that functions as a document reader or wireless computer screen when the group needs quick access to stock info. Telephones, computers, and a computer keyboard, which connects to the big screen, add to the professional atmosphere. A few posters provide inspiration. One shows a stack of coins and a man in a suit walking with a briefcase. The written message: “Success is worth the risk.” Another poster has images of playing cards and dice. It’s stated lesson? “Risk is never eliminated.”

The students complete the picture. There are no jeans or t-shirts worn in this classroom; Eldridge requires that students dress as professionals.

Before the program was implemented, students bought and traded stocks using software, but without real money. As more and more universities created real Wall Street-style “trading rooms,” Eldridge felt it was important for Southern to keep pace. He firmly believes that the educational benefits are significant.

“There’s something about human nature; if you don’t have something at stake and you do something dumb, there’s no penalty,” he says. “What has surprised me more than anything is the degree of student commitment.”

At the end of the day, the students call the shots on what to buy or sell, but Eldridge plays such a great devil’s advocate that they’re unlikely to make any awful decisions. The more “iffy” the stock, the more questions he asks. “Dealing with real money makes you take more pride and work harder,” Perlin says.

Eldridge, a United States Naval Academy graduate who spent 24 years as an officer, many in Washington, D.C., is a seemingly endless font of wisdom and financial knowledge. During the class spent reviewing Perlin’s railroad information, Eldridge posed a tough question: “What about tonnage slowdown because of the lagging economy?” Eldridge’s on-target query led to more research on the subject.

Although Ad Astra could theoretically lose money, there are some important built-in checks and balances. The group has a set price that it will not exceed for any stock. In addition, there’s a sell order on stocks when they fall to a certain level. And finally, Eldridge, who monitors the stock market regularly, has override authority, if need be.

As of press time, some of the group’s money-makers included a natural gas trust in Alabama, a pharmaceutical company that makes generic drugs, a software licensing company, and another company that makes replacement parts for aircraft, something that will always be needed even as airlines struggle with fuel costs.

The club has several specific student positions. One student acts as a spokesperson, for example, gaining experience in public speaking. Another is the operations manager, charged with overseeing money flow. “One of my favorite parts is to analyze the market as a whole,” says student John Dougherty.

It’s just that sort of analytical skill that seems to be landing students real-world jobs. Rachel Edwards, ’08, was hired at Sikorsky Aircraft as a budget specialist and forecaster before she even graduated last spring. Edwards says it was apparent by the interviewers’ questions about the investment class that it gave her an edge over the competition.

“This is the culmination of a dream that I’ve had for about 20 years,” says Eldridge, noting he loves Southern and its students. “This program gives students the opportunity to put into practice all that they have learned in the classroom.”