Monday, February 09, 2009

Investing goes wiki....

Wikinvest has been around for a couple of years but a frontpage story at the NYTimes will clearly boost their profile. The concept is one that sounds good on paper as a business plan - compile financial information and let the public at large edit the information to create a wikipedia for the investing public.

However, as a former SEC officer noted "People have to understand that whenever you use a wiki, you get what you pay for.”

Despite their best efforts, it won't be long before this site is dominated by penny-stock scam artists and Nigerian princes in need of cash to get their money out of a Swiss bank. Once upon a time Yahoo message boards actually offered some interesting insight, but when they become overrun by the spam artists, the websites are practically worthless today.

Cheers!

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