Filed under: Business, Finance, Web services, Social Software, web 2.0
Social networking with your money
Myspace, Facebook and Twitter, the concepts are pretty much the same. You follow someone with interests that intrigues you, see what their doing, what their saying and sometimes you do what they say. Now what if they told you where to spend your money, would you? Covestor thinks so.Covestor takes the social networking formula and applies it to the stock market in a 2 part system. The first requires members with some sort of investment background (we'll call them experts) to build portfolios. The second has average users reviewing these members and if they like what they see, they follow them.
If these experts buy or sell a certain stocks, users get to see that and choose if they would like to buy or sell along side their experts. Covestor is currently working on a fully automated system as well. You'll just be able to put down a bunch of cash and the system will invest your money as your experts invest. Of course as an expert you get a percentage of the action, since people are following your advise.
So is this the next step in social networking? We already take advice on what to wear, where to go and what to eat. Why not take it a step further with having strangers tell you what to do with your money?
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Reader Comments (Page 1 of 1)
kingkool68 said 11:32PM on 6-19-2008
It's all about investing in index funds for the long term. Forget expert traders.
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Mike Rowan said 1:10AM on 9-14-2009
These sites are popping up all over the place. One of the best ones that I have seen is at http://www.erollover.com
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