Today I wrote briefly about the need for a web site that would be truly useful and productive. Immediately following that article about Facebook I was contacted and informed about a new site that might fit my need for a useful and potentially profitable social site. Some would call it a social investing site.
There are plenty of web logs such as Future1investor but these blogs are not meant as community type sites. There isn't anything that brings people together to chat about, share, and help with a common interest. This is where Covestor comes in. Covestor is the Facebook of investing but instead of a general meaningless place to waste your time, it encourages the members to help each other by sharing their investing decisions.
There are two types of Covestor members:
Fund Managers
Investors
Fund Managers link their online portfolio into the site via any of 18 available brokerage services. Each portfolio is analyzed so that people can follow either individual stocks or fund manager moves. Users can also see how risky certain investments can be.
Investors are able to track and compare their own portfolio to fund managers as well as to other users. The system will email them when fund managers that they are following have a change in the fund manager's portfolio.
The Chief Operating Officer at Covestor previously ran the portfolio analysis systems at Goldman Sachs. So in this way you can see that this is not just another site designed on whim and idea. Covestor has partnered with research providers and also plans to monetize the site. Fund managers will be able to charge a small fee for allowing investors to follow them. Covestor will retain a portion of that fee. In this way, users are encouraged to allow their portfolio to be posted in a way that helps others learn from their successes and failures.
The main lure of being a Covestor are these three things:
To prove your investing skills
Track other members real trades
Profit from sharing your decisions
I'd suggest changing the top bullet point 'To prove/improve your investing skills'. In this way it shows the value of learning from others which is the point of social investing.
The stolen source code and idea may be nearing an IPO. Reportedly the company is nearing a settlement with the actual originators (brains behind the what is now Facebook). Law suits generally get settled prior to an IPO or other major event as not to depress the value of the new security.
Cameron and Tyler Winklevoss, and a colleague, Divya Narendra accuse Mark Zuckerberg of stealing the source code, design, and business plan for Facebook in 2003. Meanwhile in October of 2007, Microsoft invested $240 million in Facebook. The company is valued at $15 billion, making supposed thief Mark Zuckerberg the youngest billionaire in the United States if not the world.
I think that these social networking web sites have a long way to go before they can be something which can be useful and not just time wasting. Perhaps I don't have the same enthusiasm for Facebook as my former colleagues who waste time each week on the site which could be much more productive if it had a way of linking applications which complemented their work in some meaningful way.
People constantly have the excuse of not having enough time to do this or that. Sometimes I view that as a cop-out but in many cases it is actually valid. So if we are to use the web in our daily lives, then at least lets not waste our time needlessly on sites such as Facebook. Google lost out to Microsoft some say, but I think that Google could easily wipe it's nose with the Facebook site and premiere something truly useful. Something that would be social but provide truly useful and productive web apps at the same time.
I added these vids on 4-17-08 because of their relevance to this article.
The first Future1investor's Conference will take place this month in Cabo San Lucas, Baja California, Mexico. This will take place the week of April 27th at the Hotel Riu Santa Fe. We encourage you to book now because prices are ripe at this brand new all inclusive resort property.
At the conference we will discuss such topics as solar, agriculture, cruise liners, and telecom. Feel your winter blues vanish as you arrive at the picturesque Hotel Riu Sante Fe. You can sip cool drinks in the infinity pool and smile at your increasing tan. We'll use part of our evenings to talk about where we stand in investments and what our outlook is going forward. The hotel sits on a great stretch of beach property, has a view of the Cabo Arch and an easy walk to Cabo San Lucas during the day for shopping.
The best site to evaluate and search for best deals is at BookIt and TripAdvisor for comparison deals and for great pictures from recent travelers. Through BookIt you can get in as low as $99 per person per night. Again, this includes all meals and refreshments and is a great savings for this brand new property that offers 24hr. All Inclusive Service.
If you plan to go, please send me an email and your name as registration. That way I can notify everyone of the conference times and topics. Your email should include:
About Hotel Riu Santa Fe: Riu is a Spanish company which operates resorts in 17 countries. The Hotel Riu Santa Fe is its new flagship and largest of all its resorts. The Riu Santa Fe opened in November of 2007 at a cost of approximately $188,800,000.00 USD. This is a five star facility with 902 rooms. Watch video below.
Rooms - 902 guestrooms, Bathroom, Hairdryer, 110 V, Telephone, Central air conditioning, Ceiling fan, Mini-bar, Liquor dispenser, Satellite TV, In-room safe, Balcony or terrace, Inter-connecting rooms available, Rooms with sea view may be reserved.
Suites with: Adjoining living room, Bathroom with hydro-massage bathtub, shower cabin and bidetRooms with Jacuzzi on upper terrace may be reserved.
All Inclusive features All meals and snacks:
Breakfast: Full American breakfast buffet and on the spot cooking stations, Continental breakfast/snacks Lunch: Hot and cold buffet and on the spot cooking stations, Pizzas, pasta, salads and assorted desserts Dinner: Buffets and dishes prepared on the spot, Special evenings: theme buffet (twice a week) Optional dining (reservations required in advance): Asian cuisine, Grill and steakhouse, Mexican cuisine, Italian cuisine Snacks 24 hours a day Beverages: Local and imported beverages served 24 hours a day. Regularly restocked mini-bar and liquor dispenser
So book today and join us for an energized week that will help shape your outlook for 2008! See video below. It was filmed in late 2007 when it was still unknown.
This was started by a long-time entrepreneur who was forced into corporate service by the Dot.com crash which wiped out $5-Trillion in market value of technology companies from March 2000 to October 2002.
See March post: Deja Vu.
This is a web log created by many contributors about their investing thoughts, making-saving-loosing money, as we together follow the stock market. It also questions many things about the world as it relates to the companies, sectors, and people affected by the the money we seek to make.
NOTE:Under no circumstances does the information presented here represent a recommendation to buy or sell stocks. The author(s) do not claim to be registered investor advisors but claim "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investor Advisers Act of 1940 and corresponding state securities law.
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