The Social Investing Network Interview with David McDonough
Money Tree Investing
Money Tree Investing Podcast
4.6 • 732 Ratings
🗓️ 3 March 2023
⏱️ 76 minutes
🧾️ Download transcript
Summary
Finally... A social media platform geared towards investing. The millennials and Genz will be thrilled. But will Gen X the boomers follow?
This is an interesting way to invest where you can follow other investors and track their returns. We dive in to find out why this approach works and how other investors can learn from others.
For more information, visit the show notes at https://moneytreepodcast.com/the-social-investing-network-interview-with-david-mcdonough
Today's Panelists:
- Kirk Chisholm | Innovative Wealth
- Barbara Friedberg | Barbara Friedberg Personal Finance
- Megan Gorman | The Wealth Intersection
- Douglas Heagren | Pro College Planners
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Transcript
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| 0:00.0 | Welcome to the Money Tree Investing Podcast. |
| 0:04.0 | Stock market, wealth, personal finance, value stocks, invest in your life. |
| 0:10.0 | Hello, Smart Money Tree Podcasts listeners. |
| 0:13.0 | Welcome to this week's show. |
| 0:14.0 | My name is Kirchism and I'll be your host. |
| 0:16.0 | So today we're joined with David McDonough. |
| 0:18.0 | How you doing today, David? |
| 0:19.0 | Doing great. |
| 0:20.0 | Great to be here. |
| 0:24.4 | Great. Well, glad to have you on. So, David, tell us a bit about your background before we begin. |
| 0:30.5 | I am the founder and CEO of a company called Common Stock. It's a social network for stocks and crypto. Basically, a platform that lets you link a brokerage and amplify the best investors |
| 0:36.2 | based on their performance and their |
| 0:38.6 | insights. I took a circuitous route to get here. I graduated in 2008 into the first financial |
| 0:46.0 | crisis. And, you know, I was actually planning on going to med school, but realized when the |
| 0:52.4 | market collapsed that I probably needed to learn about the stock market. |
| 0:56.3 | And so I started a small investment club with my friends. It was called Team America Recession |
| 1:00.8 | Police. And we would meet every morning and talk about what stocks to buy and just sort of |
| 1:06.5 | probably dumb luck more than anything, became fascinated in how markets work, you know, economics, |
| 1:13.1 | sort of the game of this open playing field of data and the ability to be rewarded for |
| 1:19.4 | correctly predicting the future with a scoreboard built in I thought was really fun. So I |
| 1:24.8 | scrapped medical school and went to work at a VC firm, taught myself |
| 1:30.1 | to code, went to work at Google. And, you know, when Coinbase and Robin Hood started taking |
... |
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