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

Invest Like a Boss

Sam Marks Johnny FD Derek Spartz

Investing, Business

4.8 • 518 Ratings

🗓️ 13 January 2022

⏱️ 73 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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

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*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

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Transcript

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0:00.0	Welcome to the Invest Like a Boss podcast.
0:02.8	I'm Sam Marks.
0:03.6	And I'm Johnny FD.
0:04.5	We're self-made entrepreneurs who invest our own money and use modern technology to invest like a boss.
0:09.0	Join us each week for exclusive interviews with our network of modern investors, business owners, and multimillionaires to discover new ways to invest our hard-earned cash.
0:19.5	Boom, Shakalaka.
0:21.3	Welcome to episode 212 in the Ves Like a Boss podcast.
0:26.2	I am actually on my way back to San Francisco.
0:31.6	You know that, Derek?
0:32.8	No way.
0:33.5	We're going to be in the same state?
0:34.7	That's crazy.
0:36.8	Yeah, I'm living the day after tomorrow. So when this episode airs, I'll be in the same state that's crazy yeah i'm living the day after tomorrow so when
0:39.2	this episode airs i'll be in san franciscovy in california oh that's so awesome um i don't know how
0:45.6	much really warmer it's going to be johnny but i'm excited for you to come back it's been
0:49.4	you know what you haven't been in the u.s since i've even been on the show yeah it's been over two
0:54.0	years wow that's crazy. Yeah, but it's only going to be for a week. So unfortunately, I won't be coming down to Southern California. But I am doing a meetup. It's in the Patreon. Two guys have already committed. So we're definitely going to do it. It's going to be
1:10.8	next Friday. So if you guys are in town, if you guys catching this live, go ahead and
1:17.5	check it out in the Patreon group. That'll be the day after this episode comes out. So if you
1:22.4	are hearing this as it comes out, I think you'll have a chance to get up in the bay with John
1:27.1	A. Yep, there we go. Yeah, but I'm excited. I'm, you know, see my parents again. I'm not excited for how expensive everything's going to be. The flight was pretty cheap, but I have a feeling that food and just, I don't know, just like day to day stuff, it's going to blow my mind. You're going to be in for a shock because remember when I was in Ukraine this summer, I was like, oh, everything's so cheap. It's so cheap. I was like tipping like crazy tips. And you're like, what are you doing? That's it. I'm like, dude, compared to the U.S., I'll, I'll leave 50 to 75% tips all day because it's still a fraction of what I pay.
2:03.8	So I think you're going to be in for a shock, Johnny.
	...

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