TheStreet.com Buys Into StockPickr.com Venture
A quick update on the various mash-up experiments involving social networking and stock picking since I last reported on it. TheStreet.com has bought into a venture founded in part by one of its writers, James Altucher. You can read about the StockPickr.com joint venture from James himself.
Two things of note. A contrarian investor like myself by nature does not subscribe to the theory of the “wisdom of crowds”. I didn’t sign up to try out the StockPickr service, because I don’t anticipate putting it to good use. Having a big backer in TheStreet.com will certainly catapult StockPickr to the top of the social stock picking offerings with a renewed abundance of resources.
The other thing that was interesting to me, was the official news release by TheStreet.com on the event. I was intrigued by the various wordings and tenses that were used. Such as ….
… [StockPickr] will be the first Web site to combine social networking with stock investment ideas.
That’s a big claim and a false one at best. There are serveral websites out there doing the same thing with social networking and stock picking. I might have believed the claim more if the quote had said “was”, instead of “will” because I don’t know if StockPickr was the first mash-up website or not. Can anybody confirm which website offered this service first?
Goes to show you can’t trust press releases. They’re only looking for gullible believers.
