An app that lets users invest like billionaires has hit the Australian market.
The iBillionaire app tracks the stocks of some of the world’s most successful investment players and lets users adjust their own stocks accordingly.
The investment wisdom of billionaires such as Warren Buffett and Carl Icahn has always been publicly available, but iBillionaire aims to put their stock picks conveniently in your pocket.
Released a year ago, the app has already had more than 100,000 downloads, with 5000 keen Australia users jumping on board.
The app’s founder and chief executive, Raul Moreno, told SmartCompany investors were already making money from its use.
“If you look at the reviews on the app store, you can see people are making money, they are very happy with it,” says Moreno.
Moreno says the app’s usefulness can be quantified by the iBillionaire index, which showed a wealth increase for users.
“People following the app have seen an 8% increase in their assets from November,” he says.
Moreno says iBillionaire will soon add several top Australian money men to the app for its Australian users, including investment manager Kerr Neilson and British-Australian businessman Michael Hintze.
He says Australian users would benefit from keeping an eye on the rapidly moving local retail sector.
Ecuadorian-born Moreno had the idea for the app while he was working in the finance industry, after his own Apple stocks fluctuated greatly while he was on vacation.
“Not having that information at the time was very painful,” he says.
“I think it’s critical to have access to this sort of information all the time. And knowing what billionaires know, because they have more insight, is very useful.”