Openfolio

Sharing economy comes to personal investing, on your iPhone

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Hart LamburMaker@hart_lambur
Hey guys, I'm the one of the founders of Openfolio alongside @yinonar. We'll be hanging out here for the rest of the day. We saw incredible feedback from the PH community when we launched our beta web app – we'd love to hear what you guys think now that we're LIVE, both on the web and on your iPhone.
Erik TorenbergHunterHiring@eriktorenberg · Former Product Hunt
@hal2001 @yinonar Hey guys! What were some of the main differences you considered when building for mobile? also, for those who missed the last post, could you chat a bit about what Openfolio is trying to achieve / what problem you're solving?
Hart LamburMaker@hart_lambur
@eriktorenberg thanks Erik! Openfolio is really trying to democratize access to financial information. We let our users benchmark their investments against others – instead of investing alone in a vacuum. We believe that this culture of sharing – not how much money you have, but your ideas and the contents of your portfolio – will help our community make better investing decisions. Our web app was put an PH early in the summer and the feedback from the community was really amazing. It changed the product we built and certainly helped us build a better iOS app. I'd love to hear what you guys think.
Yinon RavidMaker@yinonar · Albert
@hal2001 @eriktorenberg Hey - @yinonar here, also founder at Openfolio. To add to what @hal2001 wrote, here are a few things we wanted to focus on with the mobile app: 1. Make it really easy and intuitive to compare your performance to groups of people around you. We wanted users to have a clear comparison of their performance, both in real time and over long horizons. How am I actually doing vs. the people around me rather than, say, how a financial advisor told me I should be doing. 2. Make charting enjoyable on mobile (both for your performance and for stock pages) – thumb over any chart on the phone and hold down, it lets you drag across historical pricing and returns. 3. Make the financial profile even easier to digest, clean and clear. We think there is a lot of value in being able to simply see the investments and allocation (in percentage terms of course) of people you know/trust/respect. It’s a great way to get started or to understand your own investments in context. In terms of what we’re trying to achieve/problems we’re solving: I think Hart said it well. We’re adding openness to traditional investing so that it doesn’t feel closed off and inaccessible, and ultimately, so that you’re not investing alone.
Santosh Sankar@santoshsankar · Cofounder, Director, Dynamo
Away from investment selection, how can Openfolio help with the human aspect of personal wealth management (given the majority of users will not have a Wall St background)? For example, the human reaction to sell at bottoms, buy at tops Also, are there any plans to roll out something for enterprises to improve the intelligence and information flow among important market consituents?
Hart LamburMaker@hart_lambur
@santoshsankar Hey Santosh! We've found that Openfolio actually helps our users NOT sell at bottoms and buy at tops. Seeing what the community is doing – and seeing how you compare to other investors like you (for example how I compare to men 25-34 years old) – has helped people "stay the course". In this recent market volatility, we've found our users have taken comfort with the fact that they are not alone – they are not the only ones losing money! Our hypothesis is that this "social validation" helps our users invest for the long run... the community gives them confidence that they are "on the right track".
Santosh Sankar@santoshsankar · Cofounder, Director, Dynamo
@hal2001 @santoshsankar Nice! Any concerns that the social aspect could result in negative investment returns due to group think? It will be interesting to see how participants work through that (rise of contrarians)
Hart LamburMaker@hart_lambur
@santoshsankar so we've gotten this concern before. We should be clear about a few things – we're building a product to help everyday people feel more confident about their investments. We're trying to improve their baseline – for example, a number of our users have come to Openfolio and found that they are under-invested (they hold too much cash). Seeing what the people around them are doing has given those users the confidence to begin to get invested. We're not trying to promote the crowd chasing an idea (like everybody buying Tesla, for example). We think the crowd is very useful for helping people understand if there investments are on the right track.
Mike Furlong@mike_furlong30 · CEO, SL
This app is awesome! I'd be curious to hear about what's next on the roadmap now that the iPhone app is out?
Hart LamburMaker@hart_lambur
@mike_furlong30 Hey Mike! We're focused on growing our community for the next few months. The insights that we can extract from our data are really fascinating – aka what different types of investors are like. We want to offer these insights back to our users (aka you!) to show you how you compare, and hopefully to help make you a more informed (and more confident) investor. Plus, this data is really interesting and we think it could make for great content-focused blog posts, much like OkCupid's super engaging blog (OkTrends).
Dan Leveille@danlev · Product Marketing Manager, DeviantArt
This is awesome! I just signed up. It's funny profiles look very similar to how Twitter profiles looked a year ago.
Yinon RavidMaker@yinonar · Albert
@danlev Glad you like it! As for the similarity to twitter.. well, something about imitation = flattery, plus Bootstrap 2.3.2 was pretty awesome. The iOS version is pretty fresh, give that a spin as well when you have a chance.
Dan Leveille@danlev · Product Marketing Manager, DeviantArt
@yinonar I just downloaded it! It looks great! Looking forward to using this!