Covestor Opens Up
Yes, this is "Fred promotes the USV portfolio" day at AVC. Sorry but I can't help myself. The launch of outside.in's new radar service and the opening up of Covestor are two things that we have been eagerly awaiting for quite a while and they happened on the same day, yesterday.
This post is about Covestor. For those that don't know, Covestor is a service that allows active investors to build a verifiable track record for themselves by automatically passing on all of their trades from their brokerage firm to Covestor, who then compiles the returns and related statistical information. Here's my verified track record on Covestor.
If everyone on Covestor was like me, they would not have a business. But fortunately, not everyone is like me. There are some damn good investors on Covestor. Check out these returns and the risk profiles and sharp ratios:
So here's what happened yesterday. Covestor opened up the doors to everyone. Until yesterday, you had to share your trades with others to be able to follow investors like this. Not any more. Now anyone who wants to get trading ideas, or just follow one or more of these investors, can do it. For free.
Go to Covestor and check it out. I think you'll be amazed at the quality of the investors who are sharing their trades with the world.
TechCrunch's post on Covestor this morning
My partner Albert's post on this news (he's on Covestor's board)
The Company's post announcing the news