212: Commonstock CEO David McDonough Talks Social Media Influence For Traders

On this episode, Derek interviews Commonstock CEO David McDonough to talk about their new social media platform catered specifically to traders. They go over the growing influence of retail investors, how Commonstock helps avoid fraudulent traders and the overall market of today. Then Johnny and Derek discuss how they are using Commonstock and their differing views on the retail investor/trader strategies.  Commonstock is a social network that amplifies the knowledge of the best investors, verified by actual track records for signal over noise. Sign up for free now at Commonstock.com David McDonough is the founder and CEO of Commonstock. His mission is to empower retail investors by providing a community of high-quality, education-focused, and verified investor content. David was bitten by the investing bug shortly after graduating from Trinity College. He joined an investment club and threw himself into nightly economics and finance classes. He quickly realized how important high quality analysis and market savvy were to his success and saw how closely industry professionals guarded their knowledge. Frustrated by the insular nature of the industry, David made it his mission to open up the world of verified financial information to everyone. His passion for the intersection of finance, technology, and community has taken him from investment roles at Greenspring Associates, to technology roles Google, and, now, to founding and leading Commonstock. You can follow CEO David McDonough on Commonstock @McD Listen to ILAB 212 on iTunes here or subscribe on your favorite podcast app. Where we are: Johnny FD – Ukraine / IG @johnnyfdj Sam Marks – United States / IG @imsammarks Derek Spartz – Venice Beach / IG @DerekRadio Like these investments? Try them with these special ILAB links: ArtofFX – Start with just a $10,000 account (reduced from $25,000) Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK) *Johnny and Sam use all of the above services personally. Time Stamp: 08:36 – Can you give us a brief on your background? 16:57 – Did the guys you were coaching mentor you or give you advice? 23:08 – What is commonstock? 24:21 – Do you have to link a brokerage account in order to use commonstock? 24:57 – Do you have to share all your trades? 29:02 – When did commonstock go live, and how many accounts do you have signed up? 32:35 – How much is focused on the security of the accounts? 34:52 – How is commonstock different from other sites like reddit? 38:02 – Do you think commonstock will become a market driver? 42:05 – Any standouts you can mention from recent history? 45:10 – Is there an education aspect of how individuals choose their investments? 46:56 – Do you get instant trade alerts from the individuals you follow? 50:06 – Where do you see the future of commonstock? 52:33 – Are there any future funding plans that the listeners can get involved in? 54:04 – What's the future of commonstock regarding monetization? 56:36 – Derek and Johnny recap If you enjoyed this episode, do us a favor and share it! Also if you haven’t already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here!  Copyright 2021. All rights reserved. Read our disclaimer here.