Openfolio is a new investment tool based on the idea that the open culture of trading desks used by Wall Street brokers to share insights and ideas helps everyone succeed. The concept that more information is better when making investment decisions is hardly revolutionary. However, the way Openfolio shares information among investors certainly is. Consider Openfolio as a Spotify or TripAdvisor for your portfolio.
Openfolio is a new and open approach to investing that gets people to share the assets in their portfolio so everybody can learn from eachother's financial decisions. Openfolio gets investors to share this information by ensuring others only see their portfolio in percentage terms not dollar amounts.
This allows people to compare their portfolios and see how they are actually doing by using other investors, such as professional investors, people they know and trust, or people in their same age group, as a benchmark. By comparing your portfolio to others you can get a better idea of your performance.
Openfolio is a modern day check up of your portfolio that compares your returns to those of other people. It also allows you to see whether you are paying to much in fees or if your strategy is too risky or not aggressive enough.
Openfolio is completely free. Users don't have to pay anything for its use.
Openfolio gives investors a point of reference to navigate thorugh a complex investing landscape by using other investors as a benchmark to meaure performance and investment fees. Using crowd-sourced data provides a meaningful way to compare risk levels and know how your portfolio is really doing.
Openfolio gives users the option of deciding how much they want to share. Members who are not comfortable sharing their potfolio with the world can choose to only share with friends they approve or with nobody at all. In that sense it is like Twitter and Facebook, you decide how active or open you want to be in the community.
For the price: free, Openfolio is a powerful tool that provides a meaningful way to assess your portfolio and learn how to improve your investment skills.
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