Can knowing what the masses are thinking really help make you more money? Piqqem.com believes this technique is the best way to make informed investment decisions. It’s kind of like mob mentality meets web 2.0, only with a lot less lynchings and burnings at the stake.
This interesting new web startup from Silicon Valley is now in public beta with an easy free signup. The focus of the site is on providing potential traders with added collective insight. In addition to predicting and seeing predictions for popular and unpopular stocks, the site also features a financial wiki for each equity, email alerts, user rankings and custom created indices.
The wiki entries for public companies are surprisingly thorough and offer a lot of extra background information not given within CNBC or Yahoo Finance’s little blurbs. For instance, Best Buy was originally called ‘Sound of Music’ in the 60s? Weird. Then again, these are wikis, so take any of the info with a grain of salt. (further analysis and screengrabs after the jump):
The site also offers an interesting way of looking at stock timelines and judging for yourself how ‘the crowd’s opinion’ differed or charted similarly to the actual share prices. One of the way’s Piqqem gets its users to make picks is first requiring them to make a selection before showing the crowd’s overall impression, which can sometimes be a frustrating way to cruise for information.
At the same time, it also adds some much needed thought to the process that might be absent from many trading techniques. It also allows unbiased opinions to make their way into the collective sentiment before being clouded with other Piqqem opinions.
The makers of Piqqem are also featuring another site, StockMoose, where potential investors are asked an “either/or” question about investing $10,000. Seems like a good way to gauge the crowd and get some good feedback within an appealing interface. PLUS there’s a site mascot with a Moose WEARING A TIE! Now I’ve officially seen everything:
Although the idea of true wisdom coming from crowds can be debated at length (just check out the wikipedia page for it or any recent US presidential election poll), there are obviously valuable pieces of insight that can be gained from it. The idea of “crowd wisdom” can be thought to explain why subprime loans (which ultimately caused the current recession) were so risky yet so popular. Are we all just marching off the cliff together? That’s where your own individual analysis comes in, I suppose, and it’s always better to make an informed opinion, right?
Piqqem’s crowd price prediction page screenshot:
Piqqem homepage screenshot:
Anyone else discovered this site and started using it yet? If you haven’t, give it a glance and let us know your opinion in the comments section. Also, please feel free to suggest other sites that help you trade.