T H E H I S T O R Y O F O N L I N E I N V E S T I N G

T H E F U T U R E : S O C I A L , T E C H N O L O G Y, A N D F I N A N C E

Zack Miller, OurCrowd

H O W W E U S E D T O I N V E S TB R O K E R A G E , C O M M I S S I O N - T R A D I N G , A N D A S Y M M E T R Y O F I N F O R M A T I O N

E N T E R S C H W A B .

• Circa. 1971

• Fees go down

• DIY goes up

R E G U L AT I O N FA I R D I S C L O S U R E ( R E G F D )

T H E P L A Y I N G F I E L D I S L E V E L L E D I N 2 0 0 0

H I G H N E T W O R T H I N V E S T O R S T U R N T O T H E I N T E R N E T

T H E D ATA S P E A K F O R T H E M S E LV E S

• 41% of HNW investors seek out investment information from the Internet

• Investors are online, using tools, and experimenting with new platforms

W E A LT H F R O N T S U R PA S S E S $ 1 B I N A U M

N E X T G E N O N L I N E A D V I S O R S S TA R T I N G T O B R E A K O U T

I N V E S T O R S A R E F I N D I N G N E W A S S E T C L A S S E S

• In 2014, Lending Club surpassed $4 $5 billion in total peer to peer loan underwritings (4x 2012’s numbers)

I N V E S T O R S A R E C R O W D S O U R C I N G M O R E A C C U R AT E F I N A N C I A L E S T I M AT E S

W H E R E ’ S W A L L S T R E E T ?

B U T, T H E R E A R E S T I L L C H A L L E N G E S F O R T H E “ N E W ” F I N A N C I A L I N D U S T R Y

F I N A N C E I S T H E L E A S T T R U S T E D O F A L L I N D U S T R I E S

A C C O R D I N G T O T H E Y E A R LY E D E L S T E I N T R U S T B A R O M E T E R S T U D Y …

H O W D O I N V E S T O R S M A K E BETTER I N V E S T M E N T D E C I S I O N S ?

R E P L I C AT I O N S T R AT E G I E S

• Copying top investors like Warren Buffett actually works

• Martin, Gerald S. and Puthenpurackal, John, Imitation is the Sincerest Form of Flattery: Warren Buffett and Berkshire Hathaway (April 15, 2008). Available at SSRN: http://ssrn.com/abstract=806246

T H E C U LT O F T H E 1 3 - F I N V E S T O R S

• Tools like AlphaClone enable investors to piggyback on top of the world’s best hedge funds

M O T I F I N V E S T I N G : D I Y, S H A R E A B L E “ E T F S ”

I N V E S T O R S A R E R E S P O N D I N G B Y PA R T I C I PAT I N G I N D E M O C R AT I C I N V E S T M E N T P L AT F O R M S

O R , I N O T H E R W O R D S …

C R O W D F U N D I N G I S / W I L L B E

H U G E

C R O W D F U N D I N G W I L L B E C O M E A D E FA C T O W AY F O R P E O P L E T O I N V E S T

G R O W I N G I N S A N E LY, C R O W D F U N D I N G I S S T I L L E A R LY D A Y S …

A N D C R O W D F U N D I N G W I L L B E G L O B A L

Q U E S T I O N S ?