Thanks to Apple (AAPL) and the "eco system" it has developed over the past decade, there is now a saying that people humorously use when confronted with a question or problem: "There's an app for that." Looking for a recipe idea? Looking for a language translator? Need a car to pick you in five minutes? There's an app for all that and more.
Looking for an investment tip? Well, there's an app for that now. iBillionaire is the latest, and as the name suggests, it tracks investing billionaire heavyweights. Whether it's investment advice from Warren Buffett or George Soros, or a stock update, iBillionaire aims to provide it all.
iBillionaire doesn't really offer stock tips; in fact let's be clear, the app is not an investment advisor. iBillionaire simply keeps you abreast of what stocks the billionaires it follows are buying. In that regard, I like it because it keeps you up to date with what some very high-quality investors are doing. Some of those tracked include Seth Klarman, Bruce Berkowitz, Carl Icahn, David Einhorn, as well as many other respected names.
For example, the app tells me that three days ago, Seth Klarman bought 7.8 million shares of Keryx Biopharmaceuticals (KERX) at $13.75 per share. I back-checked this on the Securities and Exchange Commission website and indeed, Klarman's Baupost Group filed a 13G form on Oct. 9 regarding Keryx. What's useful about the app is it does the math for you. A 13G filing doesn't often tell if a security was bought or sold, but instead just notes the new share holding. It's up to you to figure out by looking at the previous filing if it was an addition or subtraction to the position.
Five days ago, hedge fund manager Bill Ackman bought 9.4 million shares of Platform Specialty Products (PAH) for $25.59. Behind the app is an ETF and that's perhaps the major "marketing" angle behind iBillionaire. The ETF is the Direxion iBillionaire Index (IBLN), which is designed to track billionaire investors.
Top holdings in the ETF include Dollar General (DG), Micron Technology (MU), Actavis (ACT), eBay (EBAY), Crown Castle (CCI) and Citigroup (C).
To me, this app serves as another quality stock screening tool. Being a billionaire certainly does not equate to investment success, but a lot of billionaires are very successful investors. And this app, if used right, acts almost as a personal assistant to keep you up to date on any relevant moves made by many high-quality investors.