Openfolio Review for Investing
A Platform for Investors To Connect and Share Their Portfolios
What is Openfolio?
Openfolio is a recent site that was created by Hart Lambur with his solid startup team. What Hart had done essentially is create a place in which people, investors of all types, investors of all size portfolios could actually share their own portfolios with others. To prove that they've invested, it's more or less like a crowdsourced way to see how you're doing compared to others and to get insight and wisdom from smart investors, and it's the first of its kind platform where you can get more transparent information about investing.
What are the positives of Openfolio?
First off it's great to see verified investing. I think this is part of a new wave of signal versus noise in investing, meaning what's the signal versus the crap or the junk that you can find on sites like LinkedIn, whereas on Openfolio you see a true signal. You see somebody who's uploaded the portfolio, connected it to their brokerage accounts and you can connect and see how you're doing compared to others. I think it creates a level of confidence that seeing that signal and seeing that you're doing the right or wrong thing can make a better difference in your investment portfolio. I like to see verified investing and maybe I'm coming up with that term for the first time but it's called verified investing and it's a new part of crowd sourced investing online. Another thing is crowd sourced investing can work extremely well and particularly if you're investing in the public market and Openfolio connects to brokerages.
You know E*TRADE, TD Ameritrade all the big brokerage houses don't even realize Openfolio. Investing is all about having just a slight Asymmetrical edge on another investor to do better. I mean, there's a binary relationship there that I think crowd sourced investing provides and I think having that asymmetrical edge on another investor can make it such that you beat the S&P while the other investor doesn't. I think crowd source investing can work extremely well. I also love their IOS and mobile presence. They've done an excellent job in their IOS and mobile development and I think that's the right thing for them to do. I mean that's the wave that the future is going into. Building an IOS platform so investors on the run can jump in and log in to their iPhone and hit the Openfolio app and see what they're doing and what other people are saying about stock investing.
What are the negatives of Openfolio?
Openfolio doesn't have a lot more research, you know it's not like major brokerage houses who have access to phenomenal amounts of information or research that's part of why you pay a premium when you trade on E*TRADE versus just reviewing their information on Openfolio. However, I think they need to bring in more information, source in more research and give investors not just a peek into what other investors are doing, but also what actual analysts who are trained professionals know and what they're thinking about stocks. Another thing is which is absolutely mind boggling, mind blowing is they have a Facebook log in. I couldn't imagine a stupider thing to do with investing. You cannot imagine that people, now they can prove me wrong. I wish they'd comment on this.
I hope we can be in touch but the reality is that if you want investors to connect their valuable portfolios with a lot of confidential information and people are very protective of that log in, then you should not have your front facing interface showing a Facebook log in. I mean I would never sign up for this service vis-a-vis Facebook, and I think just having that there is the wrong message. It creates a level of distrust from the get go. I mean if you separate church and state, Facebook is for social noise and Openfolio in theory should be all about signal. Get rid of that as soon as possible. What do they need to improve in summary? Well, continue to create more discussions and eventually get verified profiles. Frankly, I think you need historical tracking averages to see how other people have done over time as opposed to how they're doing that particular day.
Frankly, I think you need historical tracking averages to see how other people have done over time as opposed to how they're doing that particular day.
I think the more historical data the better, so they could improve how much data they're showing about a particular investor. You have to get rid of the Facebook log in, that's going to be an impediment for why people would shy away from your site. That's a review of Openfolio. If you want to learn about investing and you're an investor, make sure to get in touch with us.