WO2001080143A1 - Systeme internet permettant l'identification, l'evaluation et le classement de la gestion de portefeuilles d'investissement et l'operation d'un supermarche de fonds comprenant des fonds geres par les« meilleurs investisseurs » - Google Patents

Systeme internet permettant l'identification, l'evaluation et le classement de la gestion de portefeuilles d'investissement et l'operation d'un supermarche de fonds comprenant des fonds geres par les« meilleurs investisseurs » Download PDF

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Publication number
WO2001080143A1
WO2001080143A1 PCT/US2001/012540 US0112540W WO0180143A1 WO 2001080143 A1 WO2001080143 A1 WO 2001080143A1 US 0112540 W US0112540 W US 0112540W WO 0180143 A1 WO0180143 A1 WO 0180143A1
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WO
WIPO (PCT)
Prior art keywords
portfolio
performance
company
investment
investors
Prior art date
Application number
PCT/US2001/012540
Other languages
English (en)
Inventor
Kendrick W. Kam
Bruce L. Horn
Original Assignee
Marketocracy Inc.
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Marketocracy Inc. filed Critical Marketocracy Inc.
Priority to AU5707901A priority Critical patent/AU5707901A/xx
Priority to AU2001257079A priority patent/AU2001257079B2/en
Priority to EP01930552A priority patent/EP1292907A4/fr
Priority to JP2001577268A priority patent/JP2003531444A/ja
Priority to CA002404258A priority patent/CA2404258A1/fr
Publication of WO2001080143A1 publication Critical patent/WO2001080143A1/fr

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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance

Definitions

  • the invention relates to an Internet-based business system and management programs therefor, and more particularly to financial investment management characterized by a unique system of attracting and identifying the best investors, including but not limited to offering and managing performance-based investment competitions based on model investment portfolios, creating actual portfolios for the identified best investor, creating and operating actual mutual funds based on the identified best investors as fund managers, and providing a full suite of related subscriber and investor services associated therewith as a fund supermarket.
  • consumers are taking direct control over their personal financial affairs because: 1) advances in technology make it easy to do so, 2) it is more convenient and less expensive than relying on financial intermediaries, and 3) the poor or erratic performance of the professionally managed funds encourages investors to manage their own funds, not only for the financial rewards, but also because of the intellectual and financial challenge, and the satisfactions derived from those management activities.
  • Sites that measure ability focus on whether or not a particular individual recommends a stock that subsequently performs. This attempt at measuring stock picking does nothing to address issues of when to buy/sell, asset allocation, or the ability to make money in a total portfolio. Examples of stock picking sites include Iexchange.
  • the invention relates to an Internet-based business system and management programs therefor, and more particularly to financial investment management through an Internet site offering to members (observers, subscribers and "best investor” competition participants), a full suite of portfolio management, educational and analytic tools and metrics.
  • the Internet-based investment services architecture of the inventive business method is characterized by a unique, multi-phase system of attracting and identifying Best Investors (herein "BI's"), including, but not limited to: I. Offering and managing performance-based investment ranking and/or competitions based on model investment portfolios (virtual portfolios), and identifying "Best Investors," in a first phase; 77. Operation of actual portfolios by members, including new ones created by the identified Best Investors for themselves, in a second phase; and ///. Creating and operating actual mutual funds based on the identified Best Investors as fund managers in a third phase. A full suite of related subscriber and investor services associated therewith is facilitated and provided in all phases, including a fund supermarket in the third, and/or second phase.
  • the site herein is identified as the M-Site, an abbreviation for the hosting/sponsoring site managing entity, "Marketocracy.”
  • the management of actual portfolios and BI funds is handled through an M-Site subsidiary that is a registered Broker-Dealer.
  • the inventive investment services hosting site, the M-Site offers investment services to investors who access the services via the Internet using various investor-accessed computer devices, such as laptops, desktop computers, PDAs, handheld computers, phones and pagers, network computers and the like, over land lines, satellites or wireless connections.
  • the M-Site facilitates the creation of model or/and real portfolios and manages them, including executing real and simulated (virtual) trades, and providing both generic and personalized data and analytic tools that enable the investor members to learn investing and manage their own portfolios.
  • the M-Site architecture includes message generation to, from and among site members and investors, including the creation and transmission of messages that are tailored to individual investor members based on message notification preferences selected by the individual investor members.
  • the inventive system associates the preferences with the individual investor members, and selectively transmits messages to, from and among the members based on the selected message notification preferences.
  • the inventive system also sorts and generates messages based on the investor member's performance, alone or in combination with the selected preferences.
  • the objects and advantages of the Internet-based financial services market business method and computerized system of the invention include: facilitation of periodic, preferably daily, feedback of one or more significant and appropriate financial performance metric(s) or indicator(s), including the NAN of identified stocks and funds, that permit investors to answer their prime questions, especially in a volatile market, of: "How am I doing?" and "How can I do better?”
  • Ns used herein the term ⁇ NV can refer to the asset value of either a real market fund or an investor's model portfolio.
  • ⁇ AV the asset value of the investor's fund(s) created under the inventive system
  • iTNV the “investor's Total Nccount Value”
  • ⁇ AV refers to a real or model portfolio or fund value
  • iTAV refers to the personal account value of an investor.
  • the invention also provides a system of performance ranking of advice so that the investor knows the track record, on an ongoing and preferably daily basis, of a particular advisor, that is, establishing credibility of comments is facilitated in the inventive system by filtering the financial commentary of investor members based on the ranking of the commentators.
  • the invention significantly and dramatically harnesses the power of the Internet to widen the pool of high-performance investment advisors by a competitive system of attracting and identifying them through competitions involving trades in virtual portfolios (model portfolios) that mirror the actual market, and thus provides a performance-based system of establishing their credibility in the investment community.
  • the invention provides a system that continuously and iteratively identifies Best Investors (Bis) and thereafter build funds around these Best Investor performers in every sector, permitting the BI's an opportunity to "turn professional" earning income as fund managers.
  • inventive system is different from and may be contrasted to "community investing” or “collaborative funds” which are collective intelligence funds based on the collective knowledge of thousands of individual investors. Rather, the inventive system and its underlying architecture is based on good investing ideas coming from individual minds, the system facilitating locating the "Best Investors” in a large universe of interested investors, providing objective, relevant and useful metrics and analytic tools to them, and ultimately building funds around their investment approaches.
  • the initial candidate market for the inventive system focuses on two groups, those who think of themselves as active investors who may be "better than the pros," and those who want the "best advice.”
  • the former class of candidates are typically data-driven and look for quantification of their performance but seek a level playing field, e.g., one free of the disadvantages of stale information as compared to others having fresh or insider information, and are now trading on-line.
  • the system of the invention offers the advantage of permitting individual investors to objectively and quickly track their own portfolio(s) performance and get advice and commentary from other ranked investors, and their ranking is associated with their commentary so that the inquiring investor can evaluate the credibility of the commentary.
  • the system of the invention also offers investors to be ranked as Best Investors based on a predetermined, equal and fair set of known, recognized metrics that mirror the real world, with the opportunity to build mutual funds around the Best Investors in the World in every industry sector, and provide non-managing investors access to the world's best investors, the best advice, the opportunity to invest in funds created by the Best Investors and to purchase the services of a Fund Supermarket.
  • the inventive business method and system is best described as operating in Phases, wherein in Phase I, an Internet site is created to attract a vast pool of investors, provides a performance-based screening system of identifying the Best Investors by providing a clear and fair rules-based competition of forming Model Portfolio (MP) funds which are traded in a simulated (virtual) market that mirrors the activity of the real market, with the participating competing Bis receiving daily iTAV (NNV) reports on their funds and being ranked periodically. That is, the invention provides a competitive model portfolio system in a first phase wherein members and their portfolios (funds) are competitive. Individual member investors model portfolios compete with those of other members, in a mock fund management platform of the inventive system. Optionally, prizes may be awarded quarterly and/or annually.
  • MP Model Portfolio
  • NMV Bis receiving daily iTAV
  • Phase II the selected high-performing Bis (and optionally, all M-Site members) are invited to manage their own actual portfolios (trading in actual funds or stocks chosen by them) to take advantage of the feedback performance metrics and accounting and reporting services of the Site.
  • Phase III a family of BI Funds is created around the Bis identified in the Phase I and II screening process, with the Bis operating as the fund managers.
  • the BI's receive a plurality of reports, also called analytics or analytic tools, including a unique selection comprising: Overall Performance, Stratification, Volatility and Market Timing to assist them in their stock analysis and picking.
  • the investment services hosting M-Site offers, provides and facilitates, via dynamic web pages, a full suite of observer/subscriber/member services, including: discussion boards; tracking of selected Bis; observing the site and BI activity; and fund investing in a full range of investment vehicles (stocks, bonds, options, cash (Money Market), funds of various types, etc.), in a broad menu of free and Fee-based services, typically in Phase II and III, and optionally in Phase I. Communications are managed with a suite of screen names, password protection, encryption and digital signature and authentication algorithms.
  • the invention also includes a full computer system for management of operations, communications, database operations, results analysis and reporting, processing, member, observer and subscriber relations, membership and subscriber base creation and billing.
  • Examples include portfolio analysis programs that monitor the performance of the individual investor's portfolios on a trade by trade basis, computes the daily iTNV ( ⁇ NV), and interfaces with a messaging program that to provide messages to the investor members on their selected preferences basis.
  • ⁇ NV daily iTNV
  • the hosting site facilitates investors generating and managing model and real portfolios of a plurality of investment vehicles, and provides analytic tools that facilitate the analysis of the portfolios and the constituent individual investment vehicles, and further provides communication tools to generate, transmit and receive, archive, search, order (arrange, sort, rank, etc.) and retrieve financial information to multiple investors, including information personalized for particular investors of the Site.
  • Income to the Site entity is generated through subscription and membership revenues, publications and reports revenue, operation of brokerage/dealer f' services, click-through fees and commission sharing with outside brokers, basis point selling agreements with mutual funds, and fund operating commissions and sales, and the like.
  • Order filling can cause another set of issues.
  • a participant places an order many sites just fill the order at the current price or closing price.
  • the inventive M-Site runs a market simulation that matches orders with the real market, so that an order is filled only when its price "occurs" in the real market, i.e., matches a trade in the real market at that price.
  • Thinly traded stocks can be traded on most sites in amounts that are never actually traded in the real market.
  • the inventive system only fills trades in quantities that actually occurred in the real world.
  • Most sites, as does the inventive M-Site use a delayed stock price data feed.
  • the inventive M-Site operation is designed with delayed fills.
  • the architecture of the virtual market of the inventive M- Site system ensures that the virtual market created on the site is as close as possible to the real market, that is the track records in the virtual market are as close as possible to the actual track records had the trades occurred in the real market.
  • the processes underlying the site operation, communications with site visitors and member-investors and the Internet-implemented business method as described herein may be implemented in software as computer-executable instructions that upon execution perform the operations illustrated in the several figures and described herein.
  • the Web server(s) of the M- Site may be implemented as one or more computers configured with server software to host a site on the Internet, and that implement the serving of static, generally informational Web pages, and that generate and serve dynamic Web pages tailored to facilitate the delivery of the services and methodology described herein, including serving dynamic pages tailored to individual member investors that may be generated on the fly in response to individual requests from the investors via their Internet linked access devices (computers, PDAs, cell phones, pagers, etc.).
  • the computer(s) of the invention can be configured in a system architecture, for example, as one or more server computer(s), database computer(s), routers, interfaces and peripheral input and output devices, that together implement the system and network.
  • N computer used in the inventive system typically includes at least one processor and memory coupled to a bus.
  • the bus may be any one or more of any suitable bus structures, including a memory bus or memory controller, peripheral bus, and a processor or local bus using any of a variety of bus architectures and protocols.
  • the memory typically includes volatile memory (e.g., RAM) and fixed and/or removable non- volatile memory (e.g., ROM, Flash, hard disk including in RAID arrays, floppy disc, mini-drive, Zip, Memory stick, PCMCIA card, tape, optical (CD-ROM, etc.), DVD, magneto-optical, and the like), to provide for storage of information, including computer- readable instructions, data structures, program modules, operating systems, and other data used by the computer(s).
  • a network interface is coupled to the bus to provide an interface to the data communication network (LAN, WAN, and or Internet) for exchange of data among the various site computers, routers, and investor computing devices.
  • the system also includes at least one peripheral interface coupled to the bus to provide communication with individual peripheral devices, such as keyboards, keypads, touch pads, mouse devices, trackballs, scanners, printers, speakers, microphones, memory media readers, writing tablets, cameras, modems, network cards, RF, fiber-optic and IR transceivers, and the like,
  • peripheral devices such as keyboards, keypads, touch pads, mouse devices, trackballs, scanners, printers, speakers, microphones, memory media readers, writing tablets, cameras, modems, network cards, RF, fiber-optic and IR transceivers, and the like
  • program modules can be stored in the memory, including OS, server system programs, HSM (Hierarchical Storage Management) system programs, application programs, other programs modules and data.
  • the program modules may be distributed among several computing devices coupled to the network, and used as needed.
  • the program is at least partially loaded into the computer memory, and contain instructions for implementing the operational, computational, archival, sorting, screening, classification, formatting, rendering, printing and communication functions and processes described herein.
  • the member/investor, markets, indexes, financial instruments, company, etc., data are stored in one or more sets of data records, which can be configured as a relational database (hierarchical network, or other type database) in which data records are organized in tables, which records may be selectively associated with one another pursuant to predetermined and selectable relationships, so that, for example, data records in one table are correlated to corresponding records for the member/investor (or market, financial instrument, company, etc., as the case may be) in another table and the correlation or individual datum is callable for rendering on screen, printout or other activity pursuant to the inventive method and system.
  • relational database hierarchical network, or other type database
  • the hosting site facilitates investor generating and managing virtual and real portfolios containing one or more financial instruments, and provides both analytic tools that facilitate the analysis of the performance of the portfolios and individual investment instruments or vehicles, and communication tools to generate, transmit and receive, archive, search, order (arrange, sort, rank, etc.), retrieve and render financial information to multiple investors, including information personalized for particular investors.
  • Fig. 1 is a schematic diagram of the inventive multi-phase Internet-based financial management business method and system, including the identification of "Best Investors” through a competitive model portfolio system in a first phase, the creation and management of actual portfolios of the "Best Investors” in a second phase, and a full service Fund Supermarket in a third phase;
  • Fig.2 is a schematic diagram illustrating in detail the structure and operation of the Phase 1 Model Portfolio System of the invention;
  • Fig.3 is a schematic diagram of the site pages portion of the inventive business method and system
  • Fig. 4 is a schematic diagram illustrating in detail the structure and operation of the
  • Fig. 5 is a schematic diagram illustrating in detail the structure and operation of the Phase III BI funds System of mutual funds created around identified Best Investors as fund managers;
  • Fig. 6 is a four part figure showing in graphical format four principal reports identified in Figs. 2 and 3, Fig. 6A showing Overall Performance, Fig. 6B showing Volatility, Fig. 6C showing Performance Stratification, and Fig. 6D showing Market Timing; and Fig.
  • FIG. 7 is a graphical representation of the Sales Growth vs Earnings Growth of a company (or profit center within a company) in accord with the system of the invention for assessing company fundamentals, such as for determining whether or not to include the company's stock in a portfolio, whether or not the company is a good target for merger or acquisition, what the relative allocation of company resources should be to a particular profit center of a company (which could be the entire company), such as allocation of capital resources, personnel, R&D focus, etc, and for evaluating the performance of managers, sales and production personnel.
  • company fundamentals such as for determining whether or not to include the company's stock in a portfolio, whether or not the company is a good target for merger or acquisition, what the relative allocation of company resources should be to a particular profit center of a company (which could be the entire company), such as allocation of capital resources, personnel, R&D focus, etc, and for evaluating the performance of managers, sales and production personnel.
  • the invention is illustrated in the several figures, and is of sufficient complexity that the many aspects, interrelationships, and sub-combinations thereof simply cannot be fully illustrated in a single figure.
  • several of the figures show in schematic, or omit only certain aspects of a particular method, feature or principle of the invention, while omitting those that are not essential to or illustrative of that aspect or principle of the invention.
  • the best mode embodiment of one aspect or feature may be shown in one figure, and the best mode of a different aspect will be called out in one or more other figures, interrelationships or discussions.
  • the Internet-based business method and financial management system of the invention 10 can be characterized as having a plurality of phases, conveniently considered for ease of description into three phases, although the precise "boundaries" of the phases may be flexible, with some of the functions of one phase being shifted into another.
  • more than one phase can be in operation simultaneously, for example the functions of finding the Best Investors is an ongoing operation, and in the mature business, the Fund Supermarket operation will occur at the same time as "new" Best Investor candidates are being introduced into the system.
  • Phase I, 12 is directed to the system of finding investors and subscribers through the model portfolio system of the invention.
  • a competitive system including an optional contest approach, is used to interest and identify Best Investors.
  • the competitive approach (or contest) is based on the proposition that the "Best Investors" will be able to learn and prove investment acumen through a model portfolio competition, and thereby qualify for an opportunity to manage real money, both virtual and real money management using the Site metrics and services.
  • the competition is ultimately against the market, but by virtue of the performance metrics being objective and independent of the start date, member investors and their funds are competitive with each other and with professionally managed funds.
  • prizes may be awarded on a periodic basis, e.g. quarterly, yearly (or more or less often) under an appropriate set of rules, such as "Marketocracy's 'Who is the Best Investor in the World? tm ' Competition Rules.”
  • the system of the invention permits a member/ investor subscriber to competitively manage $1 mm in virtual funds (cash and financial investments such as stocks and bonds), build their own performance record of their stock picking and portfolio managing ability, take advantage of the analytic tools offered by the system, and compete for BI honors and rewards.
  • the system allows BI's to manage a fund just like a professional, and determine if they can manage a portfolio or fund better than a professional.
  • the system of the invention permits and facilitates the members creating and managing various levels of fund complexity, ranging from simple "Beginner Funds” e.g. a virtual fund that can be limited to a small number of stocks, and/or not require, or permit rebalancing or diversification amongst several financial instruments (cash, bonds, stocks, and the like), to Advanced Funds, in which the portfolio has a full range of financial instruments.
  • Beginner Funds e.g. a virtual fund that can be limited to a small number of stocks, and/or not require, or permit rebalancing or diversification amongst several financial instruments (cash, bonds, stocks, and the like), to Advanced Funds, in which the portfolio has a full range of financial instruments.
  • Nn Advanced Fund is typically a more targeted fund, such as a Sector, Diversified or Hedge fund, and has extensive compliance rules (discussed in more detail below).
  • the site also includes pages of educational and informational content for members and visitors, and typically will include a series of definitions, columns, articles, critiques, training exercises on use of the analytic tools, tips and hints type of information for creating and managing various levels of portfolios.
  • Members can begin by selecting a few stocks for their first fund portfolio, which may be less than a full suite of stocks.
  • they can watch other stocks that, in their judgment, they may want to add to the portfolio as market conditions or performance merits.
  • the system of the invention includes provision for automatic tracking of the list of stocks being watched and reporting to the member, e.g. daily, weekly or other time period, the stock pricing, trading volumes, unfilled (open) orders, canceled orders, news releases and the like about the stock.
  • the member can add and delete from the list of stocks to watch by simple menu selection.
  • Discussion boards and, optionally, reports (described in more detail below), are open to observer-investors who do not wish to compete, on a free, partially free or paid subscriber basis.
  • Exemplary of these services are discussion boards in which the Best Investor (BI) candidate competitors post their observations and comments about stocks, funds or other financial instruments in their portfolios, general market conditions or trends, reasons for their choices, and the like. That is, investor members can have their own discussion boards,
  • Best Investor performance can be evaluated on overall performance per fund/portfolio, and can be stratified by sector (e.g. electronics, chips, capital goods, entertainment, biotechnology, pharmaceuticals, airlines, utilities, metals, cyclical consumer goods, energy, conglomerates, and the like).
  • sector e.g. electronics, chips, capital goods, entertainment, biotechnology, pharmaceuticals, airlines, utilities, metals, cyclical consumer goods, energy, conglomerates, and the like.
  • the comments may be sorted for ease of access, e.g., multiplex sorted by BI name or ranking, by fund, by stock, by sector, etc.
  • the BI competitors' funds performances are tracked daily by calculating the respective Net Asset Values (NAV or iTNV) and the % gain or loss from inception and/or for the preceding period (e.g., daily, weekly, monthly change), which is then reported to them (e.g., by being available on the individual BI Member's assigned page in the Marketocracy Site).
  • the BI Member (BIM) page is typically made available only to the BIM via a password protection gateway, and may be encrypted.
  • the iTNVT ⁇ NV may be made available on a public page of the M-Site.
  • the analytic tools facilitate the members to evaluate their portfolio of investments on an ongoing basis, and the measurement tools, primarily the iTNN/ ⁇ NV and its % change, permit the members to ascertain their capability and competitive standing.
  • the model portfolio performances of the BIM competitors is ranked periodically (e.g., weekly, monthly, quarterly, semi-annually, yearly) by ⁇ NN, and reported publicly. This reporting of the BI rankings will be a significant news event, and gives the top performers significant credibility. Optionally, prizes may be awarded based on performance ranking. Likewise, the periodic rankings carry appropriate public recognition for performance based on the ⁇ NN metric, e.g., "Best Investor of the Year.”
  • the member's fund page(s) are where the member manages bis or her fund(s) in competition with other members and their funds. It is also where members can receive and send e-mails, keep track of favorite or watched stocks, receive alerts about stocks, news, rankings, subscription and fees information, new features of the site, and the like.
  • the alerts are typically preference driven (i.e., selected through a check-off selection menu) and e-mail delivered, and can be selected by the site manager or the member, for a preselected period of time, e.g. 2+ weeks to cover vacation periods, holidays, etc.
  • the analytic tools provide various charts, tables, graphs, and text about how the overall fund portfolio has preformed over the chosen period.
  • N summary section can precede more detailed analytics, and in one embodiment is selectable to be automatically forwarded to the member's fund(s) page, with the detailed analytic pages and reports accessible through a menu of links on the summary page.
  • Encryption-enabled browsers are preferred for member access to their pages and data. Screen names are permitted for privacy, but only within the site guidelines against multiple identities.
  • Each member can automatically track a selected list of the transactions of their favorite BI. For example, they may wish to track the top 5 or 10 of the "mlOO" list (list of the top performing Bis, discussed in more detail below).
  • Members' fund page(s) can be organized in any convenient way with a wide range of relevant content, and links to related and/or more detailed sub-pages are provided, including by way of example and not by way of limitation: • Current NNV as of given date with Performance in %, for the day and since inception;
  • Portfolio summary including overview, quotes on stocks and bonds, cash position, stock position, (long/short) % portfolio gains, losses, dividends, splits; • Links to related news items, including headlines by Ticker symbol;
  • Discussion Boards/Bulletin Boards may be facilitated, e.g. public boards where comments are posted in as received real time on topics of the poster's choosing; sector boards, beginner's boards; individual members boards, e.g. wherein a BIM posts a comment, observation, stock pick, reason for a move, or the like, and visitors post comments in reply, and the like.
  • a "Contact Us” link is provided for members to input comments, suggest improvements to the Site, and the like.
  • Member, or broader community BB's may have sub-categories, including but not limited to tracking of real market, individual stocks, investment mood, particular sectors, financial news, IPO announcements; and may include search tools, links, analysis/commentaries/articles, and suggestions.
  • Phase II transitions smoothly into Phase III, 16 on Fig. 1, in which one or more mutual funds are built around individual Bis who have gone through the identification and screening process of Phases I and II. These funds are open to all investors through a variety of distribution channels, such as brokers and the M-Site. Management agreements are entered-into between the M-Site fund management company and the Bis as Fund Managers.
  • the M-Site management company is a Registered Investment Advisor, and offers a complete suite of fund share purchase services to the investor/subscribers in a Fund Supermarket.
  • the M-Site offers a broad menu of site information pages and financial services, including e-mail, reports, technical, business and financial related news, access to public company information such as prospectuses, annual reports, S-l, 10 K, insider sales, etc., financial analysis columns and articles, bulletin boards, BI Model Portfolio and BI Fund performance reports, and the like.
  • Member participation forms are provided in on-screen template and downloadable form from the site for members to invest in Mutual Funds of the Site Mutual Fund Supermarket.
  • Fig 2 illustrates in detail the Phase I model portfolio system, 12, of Fig. 1 through which Bis are found and a large membership/subscriber base is built.
  • interested investors 1, 2, 3, 4,..., n access the M-Site 22 for a tour of the features and offerings. They basically have the option of exiting through no interest, subscribing to some or all of the services 26, or registering for the model portfolio competition 28.
  • the membership/subscriber and contestant registration includes interactive menus, typically in template or style sheet format, that the subscriber and prospective BI fills out, 30, which typically includes member profile information, screen name, member number assignment, password (PW), security (e.g., encryption, optional), e-mail set-up, Social Security Number (for prize awards and purchases), and the like.
  • iTAV BI Model Portfolios
  • M$ being understood to be the allocated fictional Marketocracy dollars
  • the trades, 32, in the individual BI Model Portfolios (BIM P-l, -2,... -10) are simulated trades which mirror the actual market, i.e., NYSE, NASDAQ, etc.
  • the BIM member number (and/or screen name) and password provides the BI access to discussion boards, 34, and the site operator posts daily the valuation of each model portfolio in terms of its NAV on special pages, 36.
  • the NAV postings 36 and Report pages are private to the individual Bis, i.e., are delivered to and rendered on the individual member pages, but as an option they can be made "public" to subscribers or the rest of the BIM community of contestants.
  • the discussion board postings 34 are sortable, by conventional sorting algorithms, so that postings can be grouped or sorted in a variety of categories, e.g., by BI, by Model Portfolio, stock, industry sector, etc.
  • the computer system and operations 40 includes computer operations and system control 40a, all processing 40b, results analysis and reports generation, and the rankings and contests operation and prize awards 40c, operation of the discussion boards, including the multiplex sorting, exchange of messages, postings, uploading and downloading 40d, all communications between the parties using the system 40e, BI member and subscriber contacts, registration and communication 40f, the operation and management of the data base(s) including ongoing analysis of the data base structure and storage, search and retrieval performance 40g, and other operations, including but not limited to site sponsor investor/shareholder relations and corporate operations and record keeping, advertising and promotions, financial operations including billing and collections, IT operations, and other management operations and functions.
  • the model portfolios in the current best mode aspect may be processed and managed 42 in a variety of ways.
  • the portfolios may be sorted quarterly and yearly by: BI; iTAV/NAV; individual stocks; industry sector; number of trades; frequency of trades; profit per trade; holding period per stock or average holding period; etc., and the sortings and analysis may include a variety of correlations, e.g., to insider trading, prime rate changes, various indexes, and the like.
  • portfolios of the Bis and all portfolios are ranked, 44, by iTAV/NAV typically quarterly (current quarter performance) and on an accumulation basis (half year, 3 quarters, yearly, etc.).
  • Special reports 46 are generated on each of the individual BI model portfolios.
  • the current best mode includes four special reports: 1) Overall Performance, which rates the given BI model portfolio against the market in general (S&P 500), or against comparable industry sector or the like, and can show the cumulative history quarterly; 2) Performance Stratification of given BI model portfolio (fund) stocks for a given quarter, including the identification of the stock, the sector, the return, the contribution and percentage of the portfolio, ranking them from highest to lowest in order, and stratifying them by group, e.g., into three or more groups of Top Performers, Mid Performers and Bottom Performers; 3) Volatility of the portfolio or individual stock , typically as + or - a break even value; and 4) a Market Timing analysis, typically three, 30-day segments of each quarter, showing the performance of the Buys as compared to the Sells in percentage gain, conveniently in graph format. Similarly, in Phase II Actual Portfolios 14 and Fund Supermarket services of Phase III 16, are managed, 48, within the system.
  • the system of the invention includes BI Member model portfolio building and operation 50, including the related opening of the Model Portfolios (MPs) 52, the trading (orders and confirmations 54, posting 56 of analysis and other communications or comments by the Bis on the discussion boards 34, the receipt and viewing by the Bis of communications 58 on the discussion boards and from the Site manager/sponsor/operator, and receipt 60 of the daily NAV valuations and, optionally, a fee-based streaming ticker service (e.g., 15-20 minute delay service, real time, or near-real time), depending on subscription cost.
  • MPs Model Portfolios
  • trading orders and confirmations
  • the receipt and viewing by the Bis of communications 58 on the discussion boards and from the Site manager/sponsor/operator and receipt 60 of the daily NAV valuations and, optionally, a fee-based streaming ticker service (e.g., 15-20 minute delay service, real time, or near-real time), depending on subscription cost.
  • These communications may be arranged by the BI with the M-Site for various levels and modes of display, 62, e.g., on a Personal Digital Assistant (PDA) such as a Palm Pilot, on a computer linked by modem, DSL, cable or wireless, etc., connection, or on a wireless pager or cell phone display.
  • PDA Personal Digital Assistant
  • the M-Site Member may progress to the Phase II Actual Portfolio System 14 of the invention and thence to the Phase III BI Funds System 16, both as described in more detail in reference to Figs. 4 and 5, respectively.
  • a large subscriber base 64 from which a stream of subscriber revenues 66 can be generated.
  • the subscriber base is built through the M-Site home pages wherein a suite of Observer and/or Investor services, 68 are offered, some on a free basis and some on a fee-for- service basis.
  • a suite of Observer and/or Investor services 68 are offered, some on a free basis and some on a fee-for- service basis.
  • the right to observe and access to post questions or information to certain discussion boards can be offered free, 70, while the tracking during the quarter, even daily of selected BIMs canibe offered on an optional fee basis, 72.
  • These subscriber services begin with the initial competition, and subscribers can come aboard at any time.
  • the suite of services can shift and expand as the members move into Phase II, their management of Actual Portfolios.
  • the subscribers/members may elect to invest as shareholders, 74, in one or more of the BI or traditional funds offered in the Phase III Fund Supermarket system.
  • the initial contact and access of subscribers, 76, to the M-Site is via the Internet, with suitable registration, billing and password controls.
  • Special e-mail accounts, 78 can be set-up, typically on a fee basis for more current, e.g., instant messaging-type communications and monitoring by the subscriber.
  • Fig. 3 illustrates typical pages of the M-Site, 24, and the range of access thereto.
  • the observers typically first time site visitors
  • subscribers and BIMs click through to the selected page from the greeting home page, going selectively and via controlled access (one or more passwords related to fee based or contestant participation) to discussion boards 34, which are typically posted free and contain comments by BIMs, and subscriber/observers about stocks, picks by the BIMs, market sectors, trends and events in the actual market and business world, etc.
  • the comments are ordinarily posted sequentially by time of posting, but may be sortable on a fee basis, e.g., by sector, stock, BIM screen name, etc.
  • Another page, 36 contains the daily iTAV/NAV postings for either individual BIM Model Portfolios, or all BIMs, and the like.
  • the rankings page 44 contains the postings of the rankings of BIMs, by BIMs and/or by BIM portfolios (by number) and the like.
  • the posting page would contain the list of Bis winning prizes.
  • An exemplary prize structure could be $100,000 US $ per quarter for #1 overall, and US $1MM for the annual #1.
  • the postings page would contain the list of Bis winning prizes.
  • Another page 46 contains the individual BTM's Reports, 46, which are typically password accessible only. As shown in the lower part of Fig 3, the report pages are sorted and accessible by BIM Model Portfolio, with each page containing the 4 (or more) reports, Stratification, Volatility, Market Timing and Overall Performance. Thus, BI-l's Model Portfolio- 1 is shown on a 1 st page, MP-2 on a second, and so on. As shown on the left of Fig.
  • Fig. 4 shows the Phase II Actual Portfolio aspect of the inventive system, which facilitates transactions for members 50 who elect to engage in construction and trading in an actual portfolio of their own funds, or those of others to which they have direct access by private agreement. This is preferably open to all members, not just Bis.
  • the M-Site 22 offers a full suite of investor services 90, shown schematically in the outlined area, including facilitating the setting up of the member's selection of stocks in a fund, in which the member may elect at his/her option to have the site sponsor/operator set up a hyperlink 92 direct to one or more selected brokers, 94, designated as B-l, B-2, ..., etc. Or the member may elect to use the brokerage services 96 of the Site, which will have links 98 to Site-selected brokers.
  • Secure links 104 are enabled to facilitate carrying out the transactions, including the member's direct trade/confirmations 106 with his/her selected brokers 94, and for the brokerage service-to- brokers and mutual funds, 96-94-108 transactions.
  • This figure also shows that in Phase HI, the BIM Mutual Funds 100 are linked to the market via the secure links 104 (bottom of the figure), and may have direct link(s) 102 to one or more of the mutual funds 108.
  • a customer (member) ID and password with an optional (preferred) encryption and digital signature system being employed.
  • the secure links 104 enable the trade/order interactive transmittals 112 and confirmations 114 with the brokers 94, and the corresponding trades and redemptions 116 and corresponding confirmations 118.
  • the BI funds System the operation of the BIM Model and Actual Portfolios functions as a selection process 130 wherein outstanding BI performers, such as BI-1, -2, ....-n, 132, 134, 136, are invited by the site manager/operation organization to create one or more "Best Investor Funds' with the selected Bis as fund managers.
  • BI performers such as BI-1, -2, ....-n, 132, 134, 136
  • site manager/operation organization to create one or more "Best Investor Funds' with the selected Bis as fund managers.
  • one or more funds 140a, b, c are created 142, with the BI being retained, under a management agreement with appropriate compensation, by the site operational organization or a subsidiary or affiliate thereof, operating as a registered investment advisor.
  • the Bis provide management decisions 144a, b, c, to the appropriate trusts 140a, b, c, which typically operate as individual trusts.
  • the relationships and functions described herein are not meant to be exhaustive of the typical and conventional relationships in fund operation and management, but are outlined herein to illustrate the business method of the invention and the Internet-based system having the designed functionality and capability of full service fund creation and operation.
  • the site operational company either creates and operates an underwriting/distribution entity, or contracts with existing Underwriters/Distributors 150.
  • Subscribers and others 64 can participate as shareholders 152 in the family of BI Funds created under the system of the invention, principally through the Site (See Fig. 4), or directly through offerings of the underwriters or broker distributors.
  • Site operations provides communications links for exchange of prospectuses and the subscription agreements 154, handles the share purchases 156, the distributions 158, the reports 160 and the redemptions 162, between the several funds 140a, b, c and the shareholders 152.
  • all internal operations and communications are handled by the computer system and operations 40 as described above.
  • Figs. 2 and 3 reference important analytic report tools 46, including unique reports on Overall Performance, Stratification, Volatility, Market Timing, Fundamentals, and G S/E Ratio, which function as powerful decision tools for the site members, fund managers and subscribers. The first four of those are illustrated in Fig. 6, and the latter two in Fig. 7.
  • the wide range of analytics may be offered, free, on a paid basis, or both.
  • the analytics provided may present other metrics, including: sector weightings; member's performance by sector and/or industry; comparative performance vs. market or vs. other members; market timing; risk and volatility adjustments; member's overall performance (a reflection on investment style and potential risk); market capitalization (low, medium, high); value, blend, growth; comparative performance vs. common indices (S&P 500, etc.); stratification; member's iTNV/NNV charted vs. S&P 500 Index and the like.
  • the site may also provide as an informational or analytic tool, a summary of the total (all funds) position in a given fund, or a summary of selected member's position, e.g. position in or compared to the mlOO, or summary of the position of members selected by the inquiring member/visitor, as a guide to the members' degree of confidence in that stock.
  • the position can be accompanied by the average or specific member's ⁇ NV of that stock; the average gain; and trade volume, including volume as a relative % of the real market.
  • Fig. 6A is an Overall Performance Report, in a graphical format, showing the overall performance of the BI portfolio, typically reported in terms of ⁇ AV, principally and preferably the personal ⁇ AV of the investor members or fund manager candidate members with respect to the particular portfolio, measured as percent change in personal iTAV AV per unit value over at least one determined period of time, e.g., 30, 60, 90 days, Quarterly, Yearly, etc.
  • the percent change in ⁇ NV values in the selected time period can be ranked, and a preselected top percentage or number are selected as Best Investors based on that metric, such as the top 100, called the mlOO. While Fig.
  • FIG. 6A shows the performance graphically as percentile change vs quarters, it can be represented in any form, including a table or database, and in electronic for as a data structure, or a visual display, and also delivered to the investor/member/manager/ subscriber in hardcopy form. Note the graph also shows where the investor's portfolio is vs the S&P 500 performance.
  • Fig. 6B is a Volatility Report, in graphical format showing the relative and progressive change in volatility of the portfolio, with the shaded bars showing the weighting + or - with respect to the break-even line.
  • Fig. 6C is a Stratification Report, in the form of a grouped tabular presentation of all the stocks in a particular portfolio, grouped by Top, Mid, and Bottom performers by percentage return, and with one column showing the relative weight in the portfolio, in terms of % of the total market value of the portfolio as of the report date.
  • Fig. 6D is a Market Timing Report, in the form of a graph, showing the relative performance of the Buys vs the Sells, at the end of three periods, 30, 60 and 90 days, respectively. The curves show that the Buy side was timed well, but the Sell side was not, reflecting errors in market timing of the Sells, and deterioration in the Sell judgment.
  • the Market Timing charts compare the performance of the stocks bought and sold after the transaction. If the stocks bought increase in value after the buy and those sold decrease the lines diverge and market timing of the portfolio manager (member) is good. If the stocks bought trend down and the sells trend up, the timing is poor.
  • the chart preferably 1 has a horizontal medial ordinate, the 0% line; the Y axis is the change in iTAV/NAV in % or absolute value of the NAV; and the X axis is time, in days, weeks, months, progressing left to right since the trade (the trade dated need not be identical, although a sale of stock A to buy stock B, can be charted and the charting start point is the same).
  • One of the most powerful services of the system of the invention, as delivered via the Internet Business Method thereof, is the method for assessing a portfolio of investments or allocation of assets by company fundamentals. This method is illustrated by reference to Fig. 7, a graph of Sales Growth to Earnings Growth. The scope of this disclosure is also intended to cover the reciprocal graph of Earnings Growth vs Sales Growth.
  • the points on the chart, in the center of the circles, are the x,y coordinates: Sales, Earnings for the particular period for the particular company (or profit center).
  • the points thus represent the performance position of the company on the graph over the investment horizon.
  • the size of the circle represents, e.g., the relative weight of the company stock in the entire portfolio, or in the case of asset allocation, the relative amount of capital tied up in a particular profit center.
  • the inventive method can employ and display the S/E (or E/S) fundamentals in a wide variety of ways (modes and formats):
  • a selected weighting factor e.g., percentage of total invested in the portfolio, percentage of total company invested capital, percentage of a budget (such as a marketing or R&D budget), legal costs, liabilities, interest, debt, etc.
  • G S E Ratio As ratios, e.g. the G S E Ratio, or its reciprocal (inverse) G E /S Ratio, which can be displayed in tabular format or a part of a database structure.
  • G S E Ratio includes both that ratio and its reciprocal, the GE S Ratio.
  • the graph can be inverted, so that the Y axis is the Earnings Growth and the X axis is the Sales Growth.
  • Fig. 7 only shows a single quadrant, but company performance may be on any one of the other three quadrants, x,y, of: - , + ; - , - ; and + , - .
  • performers in these three quadrants are subject to re-evaluation for inclusion in a portfolio.
  • Fig. 7 Watching the point or bubble movement over time gives rise to the concept of Critical Drift, where a company point performance approaches or moves close to or over the 1.0 slope hne into slower earnings growth than sales growth, which may be an investor trigger point for action, such as sell the stock. Likewise the rate of shrinkage (negative growth in sales or earnings) may be, and typically will be, a critical investment decision point.
  • the graphical analysis technique of Fig. 7 also applies to evaluation of Best Investors.
  • the Y (vertical) axis is either the absolute iTAV/NAV or the % change in NAV over a given period, while the X (horizontal) axis is time from a particular date of inception.
  • the NAVs can be plotted as points, and the representation can be dynamic, that is, the movement over time can be shown in a streamed video or graphic display. They can be plotted as bubbles, the size (area) representing and being proportional to total assets in the fund.
  • a preselected horizontal line or approximately a 45° slope hne
  • the respective fund mangers are selected as BI's and get their own fund (Phase HI, described above). Where funds drift right, and perhaps drop to negative territory (below the X-axis), these are under- performers. If they were real fund managers, they are replaced.
  • the fund charts can be particularized by sectors.
  • the chart can employ the horizontal (X) axis as the 0% change hne, so that the Y axis extends both above and below that hne, the latter being negative territory. This helps visualize fund drift into loss positions, which may not be time to replace managers under certain conditions, such as recession.
  • display as used herein is meant not only passive or active (dynamic and/or interactive) display on screen (e.g., computer screen), but also hard copy print-outs, and any other display modality now customary or developed in the future.
  • the display may be audio-visual, and flyover by the viewer of any particular point or bubble on the graph with a mouse pointer (or touching the bubble with the finger or other pointing device (stylus, laser pointer, etc) can cause a pop-up link to further details of the company or feature represented by the point, hne area or bubble.
  • Top Performers Analysis of the performance of the top performers, e.g., the "Top 100" (also called the mlOO), preferably including their iTAV/NAV ranking is offered on a periodic basis, e.g., monthly, quarterly, semi-annually, or any other selected period. For example, each quarter, the Top 100 investors are ranked based on the previous quarter's results, and the ranking updated quarterly.
  • the Top 100 performers may also be ranked over shorter or longer periods, e.g., daily, weekly, multiple quarters, yearly and longer term.
  • Statistics are compiled, the rankings generated and then posted, such as: Quarter-ending iTAV/NAV; Daily iTAV/NAV charts, lists or rankings; Quarter-ending ⁇ change in iTAV/NAV compared to prior quarter(s); financial performance factors, such as Portfolio Value, ⁇ changer in Portfolio Value compared to prior quarter(s), dividends received, volume of trades (total; by sector and/or stock; by day, month, or quarter(s); BI volume of trades vs marked; and the like); top buys and sells, for example in terms of volume and performance; market timing performance; G S/E Ratio or G E/S Ratio of the stocks or the fund(s) as a whole; and the like.
  • the mlOO is a list of the top 100 members based on % change in NAV over a given period (e.g. Quarterly, half year, yearly).
  • the average % gain or loss of the 100 best member performers' funds forms an index, the "mlOO Index," which can be tracked like, and compared to, the S&P 500 (or other recognized financial indices), and can be compared to performance of professional fund managers.
  • the top 100 funds may involve fewer than 100 managers.
  • the analytics on the mlOO fund performance can also include volume, buy/sell summaries, and commentator analysis.
  • the metrics reports and rankings may include holdings of the top 100 (or the entire) membership) reported in one or more ways: by market capitalization sectors; by industry sectors; numbers of shares held in top 10, 50, 500 identified companies, both as to long and short positions; and comparison of the mlOO to the actual market.
  • the mlOO in addition to being the list or collection of top 100 funds/Best Investors, can also be a fund itself.
  • the mlOO Fund portfolio may include, but need not be limited to, the consensus of the top 10-100 financial instrument holdings (e.g., stocks) of the top 100 funds, or the funds of the mlOO members.
  • the Site sets up a set of guidelines and restrictions for portfolios and funds to be eligible for (qualify for) ranking as a Best Investor and in the top 100 investors (the mlOO).
  • the member's fund is out of compliance, the member will be notified, e.g. upon 1 st selecting stocks/bonds for fund portfolio; and upon trades, balancing portfolio, or other activity.
  • the notification can be any one or more type of text or icon message e.g. stop activity sign, error message, or the like.
  • Requirements for fund compliance may include, for example:
  • top 100/mlOO data can be offered free to visitors, or selected information can be offered to members or subscribers on a fee basis.
  • the fee basis can be time sensitive or time dependent, that is, earlier availability of the information may carry a fee that is reduced over time to zero.
  • daily or weekly performance analysis and statistics may be offered on a fee basis, whereas quarterly Top 100/mlOO performance statistics may be posted on site or web page free to visitors.
  • Monetary and/or recognition awards may be given to the Top Performers, such as: exclusive "Marketocracy Top 100" or “Marketocracy mlOO Member” business cards, having their fund name and ranking; exclusive access to special site features; prizes; special recognition; publicity, and the like.
  • This feature comprises a private discussion forum, enabled via e-mail, password-accessed bulletin board or chat room, in which the Top Performers as designated by the site management, e.g., the Marketocracy Top 100, have an opportunity to discuss and exchange investment ideas, and to communicate with Marketocracy Funds portfolio managers.
  • the fund barometer comprises a template, page or the like on which site visitors, members and non- members alike input a list of investments (e.g., stocks) which comprise one or more proposed portfolio(s), and the return on each portfolio is automatically calculated for the prior quarter(s). The return on each is then compared to the results of professional fund managers, and a line graph or other form of comparison is created and displayed which shows what percent or number of professional money managers they would have beat, had their portfolio been real with those returns.
  • the site visitor enters the actual or estimated return on their own non- Marketocracy site portfolio, which they either manage themselves or have managed by others. That return is compared to professional managers and the hne graph shows them what number or percent of professional fund managers their portfolio return has or would have beaten.
  • This feature provides the inventive system with an excellent recruitment device, as those with good returns will be encouraged to sign up and start their own model or real fund, as the case may be. Those with lesser returns will be encouraged to subscribe to the site services, such as education and training, including an opportunity to look over the shoulders of the best investors in the world.
  • a member is permitted to subscribe, for a fee, to other top performing members.
  • the subscription includes, typically by e-mail, cell phone, pager, fax, or the like, updates when trades (of the subscribed-to member) occur, the rationale for the trade(s), daily or weekly updates on the top performing members' portfolios performance, and the like.
  • the subscription fee revenue may be shared between the subscribed members and the site, which functions as the Billing and collection agent.
  • This feature comprises one or more bulletin boards, forums, chat rooms or the like where members post their investment ideas.
  • the boards are sortable by performance ranking of the person posting, including "unranked" for new members, thus permitting evaluation of the ideas and comments.
  • Other sort criteria are also offered, such as by date/time of posting, by sector or stock, by posting person, and the like.
  • the postings can include links to the company mentioned, or to news articles, financial charts or publicity releases ofthe mentioned company.
  • an automatic checking feature can flag, e.g., by redlining or highhghting, an erroneous entry.

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Abstract

L'invention concerne un système de gestion par Internet et des programmes de gestion destinés à ce système, et se rapporte plus particulièrement à la gestion d'investissements financiers. Elle est caractérisée par un système exclusif permettant d'attirer et d'identifier les « meilleurs investisseurs », consistant à offrir, à faciliter et à organiser des concours d'investissement en vue de réaliser le meilleur rendement possible avec des portefeuilles d'investissement (virtuels) (28), à créer des portefeuilles réels pour le meilleur investisseur ainsi identifié, à créer et à gérer des fonds de placement communs réels en prenant en tant que gestionnaires de fonds les meilleurs investisseurs identifiés, et à fournir une série complète de services de souscripteurs et d'investisseurs associés à ces fonds sous forme d'un supermarché de fonds (48). Cette invention permet de faciliter une rétroaction quotidienne concernant un ou de plusieurs paramètre(s) importants et appropriés du rendement financier, de préférence la valeur de l'actif net (valeur totale du compte de l'investisseur), des actions et des fonds désignés (36). Un classement de la performance des conseils est effectué de manière à permettre à l'investisseur de connaître les résultats antérieurs (classement) (44) d'un conseiller particulier d'une manière suivie, et d'établir la crédibilité des avis. D'importants outils d'analyse sont en outre fournis, notamment des rapports exclusifs concernant le rendement global, la stratification, la volatilité, la détermination du moment propice, les bases, et les ratios croissance bénéfice/vente ou croissance vente/bénéfice, qui représentent des outils de décision puissants destinés aux membres du site, aux gestionnaires de fonds et aux abonnés (46). Les 100 meilleurs investisseurs sont identifiés par l'expression « m100 », qui peut désigner une liste, un indice suivi et un fonds.
PCT/US2001/012540 2000-04-17 2001-04-17 Systeme internet permettant l'identification, l'evaluation et le classement de la gestion de portefeuilles d'investissement et l'operation d'un supermarche de fonds comprenant des fonds geres par les« meilleurs investisseurs » WO2001080143A1 (fr)

Priority Applications (5)

Application Number Priority Date Filing Date Title
AU5707901A AU5707901A (en) 2000-04-17 2001-04-17 Internet-based system for identification, measurement and ranking of investment portfolio management, and operation of a fund supermarket, including "best investor" managed funds
AU2001257079A AU2001257079B2 (en) 2000-04-17 2001-04-17 Internet-based system for identification, measurement and ranking of investment portfolio management, and operation of a fund supermarket, including "best investor" managed funds
EP01930552A EP1292907A4 (fr) 2000-04-17 2001-04-17 Systeme internet permettant l'identification, l'evaluation et le classement de la gestion de portefeuilles d'investissement et l'operation d'un supermarche de fonds comprenant des fonds geres par les meilleurs investisseurs
JP2001577268A JP2003531444A (ja) 2000-04-17 2001-04-17 投資ポートフォリオ・マネージメントの認識と測定とランキングのための、インターネット・ベース・システム、および、ベスト投資家の管理ファンドを含むファンドスーパーマーケットの操作
CA002404258A CA2404258A1 (fr) 2000-04-17 2001-04-17 Systeme internet permettant l'identification, l'evaluation et le classement de la gestion de portefeuilles d'investissement et l'operation d'un supermarche de fonds comprenant desfonds geres par les meilleurs investisseurs

Applications Claiming Priority (12)

Application Number Priority Date Filing Date Title
US19756900P 2000-04-17 2000-04-17
US60/197,569 2000-04-17
US61016000A 2000-07-05 2000-07-05
US61016300A 2000-07-05 2000-07-05
US61016400A 2000-07-05 2000-07-05
US09/610,163 2000-07-05
US09/610,164 2000-07-05
US09/610,160 2000-07-05
US23105800P 2000-09-08 2000-09-08
US60/231,058 2000-09-08
US26188501P 2001-01-16 2001-01-16
US60/261,885 2001-01-16

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EP (1) EP1292907A4 (fr)
JP (1) JP2003531444A (fr)
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CN113222471B (zh) * 2021-06-04 2023-06-06 西安交通大学 一种基于新媒体数据的资产风控方法及设备

Also Published As

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CA2404258A1 (fr) 2001-10-25
EP1292907A4 (fr) 2005-11-09
AU2001257079B2 (en) 2006-07-27
AU5707901A (en) 2001-10-30
JP2003531444A (ja) 2003-10-21
EP1292907A1 (fr) 2003-03-19

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