Stockpickr.com announced a joint venture with TheStreet.com (TSCM). Advertising on James Altucher's stock recommendation site will be sold by staffers at TheStreet.com and Stockpickr will contribute content elements, including the makeup of major traders' portfolios.
Stockpickr.com is an expanded version of investing technology tools Altucher developed to help manage his own fund of hedge funds, Formula Capital. "I wanted to come up with a mechanism for easily following the public filings and investments of major investors, like Carl Icahn," Altucher explained in an interview. "If Icahn buys Time Warner (NYSE:TWX) at $17, and hires lawyers and puts a push on to raise the stock price, I'm happy to buy in, too. Then, Icahn works for me for free."
Altucher and TheStreet already work together. He does a great early-morning stocks blog for the site and writes other columns, too.
Altucher's site features the portfolios of more than 1,000 mutual funds, hedge funds, and do-it-yourself investors. By following the leaders, through news reports and federal securities filings, he thinks you can make money. "I’ve been writing about stocks for five years and investing for 10. I've been learning from other pros. Now I'm learning from amateurs, too," he said.
Stockpickr invites you to enter a portfolio of up to 45 stocks. As other investors buy and sell those same holdings, registered visitors get e-mails, so they can see "what the big boys are doing," and decide whether to follow. Visitors can also submit their favorite stocks and receive new recommendations based upon other funds and portfolios holding similar stocks.
Two-month-old Stockpickr now has more than 10,000 portfolios posted on it, and about 2,500 registered users. A staff of six people monitors and updates Stockpickr continually. The "most viewed portfolios" are those of Warren Buffet, George Soros, Worst Dow Stocks of the 21st Century, Investor's Business Daily Top 10 Low-Priced Stocks, and Playboy's 2006 picks.
Unfortunately the site does not track the performance of either the amateur or professional portfolios. "Too easy to game when you're not playing with real money," Altucher said. "We’re more about sharing ideas."
Disclaimer: I own shares of Time Warner.
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