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Summary:

Covestor, a service for people to share their stock picks, has raised a $6.5 million first round led by Union Square Ventures and Spark Capi…

Covestor, a service for people to share their stock picks, has raised a $6.5 million first round led by Union Square Ventures and Spark Capital, along with Amadeus Capital Partners. The company previously raised a seed round from angel investors. The service lets users broadcast their stock picks, establish a reputation and then potentially profit by sharing your investing ideas. Other companies attempting similar things include UpDown.com and SocialPicks. USV has put up a post explaining the investment. Release. (.pdf)

  1. the word covestor is linking to a dead page.

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  2. if you're interested in Covestor, I highly recommend checking out Piqqem.com – an entirely different social investing site. instead of looking for the best individual stock pickers and weighting votes based on investment ability, as do all other sites I've seen, Piqqem looks at aggregate opinion and allows everyone to vote as much as they want. this is because Piqqem is interested in the wisdom of crowds, a concept popularized by James Suoroweicki's book by that name. this makes Piqqem is a true wisdom of crowds app, because the outliers are just as important as the experts in enabling the wisdom of crowds to emerge. (for reference, check James Surowiecki's work on crowd wisdom.)

    I'd Love to see Piqqem blogged about here.

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