My colleague Rob Go beat me to the punch today. So I’ll just reblog his post which gives a nice overview of the new Covestor.
We are investors in the company along with Union Square Ventures. And we are super excited about this.
I’m pleased to announce that Covestor Investment Management is launching today. Over the past two years, Covestor has been a platform for investors to share their trades and investment performance in an open and verified way. During this time, the site has attracted a vibrant community of active investors, some of which have developed very impressive track records with their own money. In addition, Covestor members have been able to follow their favorite investors and get automated alerts for each of their trades.
Today, Covestor is going a giant step further, allowing users to link their investment account to the system and automatically replicate the trades of their favorite investors in real-time. You can read more about how the system works here.
This is a completely unique system and one that has the potential to significantly disintermediate the investment management industry. It’s a system of full transparency, with no hidden costs or fees, and gives consumers unprecedented access to successful investors and visibility into their decisions.
It’s early days, but it’s welcome news in an industry where over 75% of active funds fail to beat the market. Check it out, or, start building your own track record and followers on Covestor.
Joining our Monday morning meeting via conference call yesterday, I was once again reminded of just how difficult conference calls can be for important meetings.
I am an ardent believer in social media and the ability for folks to connect in a multitude of ways. But one of those ways, and always the most important one for me, is the live connection. It’s not always required or relevant, but when it is, it cannot be effectively substituted.
Board meetings, partner meetings and interviews are clear examples where live participation makes all the difference. Unless you have high quality video conferencing capabilities, and even when you do, being there in person is often essential…especially when there are multiple folks involved in far ranging dialog and/or key decisions being made.
The importance of live interaction is even clearer on the personal front. Imagine dinner, a date or time with your family being replaced by a conference call or virtual communication. Augmented – absolutely; replaced – impossible.
Ironically, I was forced to participate via phone yesterday so I could attend a dear friend’s wedding abroad. And I can tell you right now, there is absolutely no substitute for being there. While we stay connected on a regular basis in the virtual space, it is specifically those unique moments of live personal connection that allow us to maintain an incredibly deep friendship over great distance.