Openfolio Compares Your Portfolio to That of Other Investors
You don’t need to keep up with Jones, but comparisons can sometimes be helpful. Openfolio tracks your investment portfolio and shows you how you are doing in comparison to other groups of people.
The idea is to learn from others’ investment choices. They can be experts who want to show what works, or colleagues who are also learning. According to the site:
At Openfolio, you experience the wisdom and understanding of your network – and your extended network – of people you know and trust. Also, you know that they are not just selling you information, because you can see what they are actually buying … In this way, everyone learns from everyone. What did they buy, why did they buy it … and why you should seriously reconsider the 1,000 shares you are about to pull the trigger.
You can register for the service online or through their iPhone app. Then you look for other investors whose profiles are publicly available. These can be people from your social circle. Or you can look for big investors like Warren Buffett. You can access their portfolio and compare their performance against your own. Or you can create groups and compare them to a specific demographic, such as Women (25-34).
Of course, actual amounts and net worth are not shown. You can clearly see how user assets work. According to the site:
You show people what you are investing in, but you never show how much you are investing. Even Openfolio employees don’t have access to the raw data that you want to keep private … If you are one of the top Openfolio investors, we highlight your success, otherwise no one can see your individual performance – and you can always choose to go out and stay completely private.
It’s interesting to see how much interest investors have in different asset classes and then see how they go about it. Of course, just because one person invests in a certain way does not mean that you should. People have different distributions depending on their purpose. It’s an interesting look at how everyone else is doing, but you should definitely invest according to your own goals and financial situation.
The service is currently only available in the United States. As far as security is concerned, they use bank-level security and read-only connection. You can read more about their safety here . And to get acquainted with the service itself, use the link below.