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Howard focuses on the innovation in personal finance and do-it-yourself investing. To listen to Episode 84 on iTunes, click here. To listen to Episode 84 on Stitcher, click here. To listen to Episode 84 on Google Play, click here.
To stream Episode 84, click here. Interested in sponsoring an episode? Howard starts by giving us his background. In the aftermath, he got the angel investing and entrepreneurial bugs. He also runs a fund, Social Leverage. Given that Howard has spent plenty of time in the public markets, Meb starts by asking about his public market framework, and how he approaches markets today. Howard is a pilot fish, following the great white.
Howard wants to help other investors through his own writing and advice. He references Millennials, and how he wants to use tools to help them. Many of these people do exactly that on StockTwits. So, Howard suggests finding someone there that matches your own investing style and temperament, who has a consistent, good track record, and just follow along. Meb asks which gurus Howard suggests following these days in order to get great information.
Be sure to listen to this part to get the specific names. Next, Meb transitions the guys toward private investing. He asks for an overview on the blurring of the lines between private and public markets, and the development of the seed stage being open to individuals. Meb asks about the realities of private market investing for listeners, noting how some of our pasts guests have had different opinions. You need this time to see an overall crop of investments work out.
Not investing in Twitter and Zynga when he had the chance comes to mind. Join us as we discuss the craft of investing and uncover new and profitable ideas, all to help you grow wealthier and wiser.
Better investing starts here. All opinions expressed by podcast participants are solely their own opinions and do not reflect the opinion of Cambria Investment Management or its affiliates. For more information, visit cambriainvestments.
Welcome, podcast listeners, today we have a great show. Our guest has more than 20 years of experience in the financial community as an investor, author, conference organizer, comedian, and entrepreneur. But we got you in New York right now, is that right? I love the city. We cross paths there at the Ritholtz Conference and may cross paths here again in a week or so.
How long are you gonna be there, through year end? And kids are off to college before they boomerang back into our house post-millennial college. Congrats on the three to four year break before they move back in. And stayed in Arizona, got my green card, married, two kids, like I said, empty nesting. Obviously, everybody was kicked out of the business. And went back to school living in the States. And I was making cold calls. It was a consumer stress fall [inaudible It was like my first angel investment that turned into a kind of a pet rock.
But my passion still remained in stocks. In , I started this company Wallstrip. Fred Wilson was an investor in Twitter. I climbed aboard, started StockTwits to kind of create the Twitter for Finance. Eight years later, almost nine years later, now StockTwits is the largest social network for traders and prosumers [SP], I would guess you would say, institutions and CEOs kind of check their streams, the public company CEOs.
And I run a fund, or third fund now. Social Leverage, we invest in early-stage software companies, a lot of them being financial services. As a guy who does both public markets started out, but also private markets and kind of straddles the fence on both, I wanna talk about both today. Give some listeners a little context. How do you, and kind of how would you sum up the climate today? And, like, looking at things that are already doing well and then glodding [SP] onto them.
And so you want to get as close to the great white shark without actually getting eaten by the great white shark, and you can live a pretty good life. So classic trend following in that perspective. Stocks in motion tend to stay in motion just like most objects. You can share this strategy all day long. At the end of trends, you just get smacked. Obviously our listeners are very familiar. Trend following and private investing or VC. And venture capital, in so many ways, you make a lot of bets.
Some of them are the out size winners. We talked about private markets in general. Well, let me just interrupt just to sort of get it off my chest.
Like, same thing applies to private markets, right? The great white shark. The great white sharks in my business Marc Andreessen, Fred Wilson, you know, I use their names because they write and share so frequently.
Marc Andreessen, not so much anymore on Twitter. But for a while there, it was just like having inside information. Like, there is no easier way to make money in my opinion than, you know, using your network. And this applies to private market. So a perfect example is Bitcoin. You know, I travel a lot. I was an Israel investing, invested in this company called eToro in You want to buy Bitcoin, you buy Bitcoin.
Fred Wilson is one of the great venture capitalists in the world. So I think trend following works in highly illiquid things as well as the most liquid things.
You talked about, and this is kind of some similar themes of what we just talked about already. Two, lose money on a trade. Three, get a mentor. I mean, my early inspiration, everybody needs mentors, right? You might pay it forward as to make sure I share as much openly as possible. But I love to write. They wanna get rich quick. They just have different vehicles for doing that. You can help to help them.
So my thesis, as a private investor was, you know, I grew up watching Jim Cramer come on do street. All this market information is rehashing it a thousand times. Yoga is yoga, and stock market is stock market, because human behaviour is human behaviour. So, you know, kind of like a wet blanket for people to learn the markets. And I think we have to give this next generation tools so they can, you know, cut themselves and make money of themselves.
Bitcoin is like farming, you know. That farmer may be the rich person. He could have been a Bitcoin miner or made a fortune in Bitcoin. I think crypto, while being mocked, is making a lot of people rich around the world. If they cut their advertising budgets, fired all their marketing people, cut out their tea budgets, they, too, could go to zero commission.
But, you know, these companies are set up that no one wants to lose their job. They wanna pick up their phone, they wanna have an Uber of trading. Think about how many call centres E-Trade has to have to manage their clientele. They wanna buy homes. They just wanna understand the product and they wanna be able to make their payments without talking to anybody, and they wanna have no friction.