The distribution challenges that robo advisors have faced is that it's hard to kind of sell people without a story. As humans we still and always will connect with humans I mean I've no doubt you know every country has more celebrity chefs than you could even name. The factor means is they could produce TV programming that shows me how to cook something without a human being but that's not interesting, Cathy says.
MyWallSt is built on a simple mission: to get the world investing successfully. During today’s discussion, co-founder Emmet Savage shares a wealth of insights from his investment journey, which began in the early 90s. Listeners will become privy to six golden rules Emmet has learned the hard way during his career, plenty of which can be applied far beyond financial decision-making. Hear the origin story of his app, Learn by MyWallSt, and how it has begun to make a meaningful impact on people’s lives. Hear about how Emmet has built the algorithm behind Horizon, another product by MyWallSt, and find out how he summarizes his long-term vision for the business. We discuss what you can learn from stock investing which extends beyond what you may expect, and Emmet weighs in on the role of AI and Robo-Adviser in changing the landscape today. Tune in to hear all this and much more.
Key Points From This Episode:
- Welcome to Emmet Savage, co-founder of MyWallSt.
- Emmet’s history with investing in Irish and US markets.
- MyWallSt’s origins and their opportunity to disrupt stock market education and investing.
- John and Emmet’s simple mission at MyWallSt: to get the world investing successfully.
- Emmet’s first experiences of investing during the .com boom.
- The first share Emmet invested in with his father was in the early 90s.
- How ‘nothing beats free’ has become a rough rule of the internet.
- Six golden rules Emmet learned the hard way when the .com bubble burst.
- The conjoined rules of thinking long-term and not borrowing.
- Why diversification is critical to success.
- Buying what you believe in for your best success.
- What it means to “invest what you can, when you can.”
- Two reasons people choose not to invest.
- The origin story behind the app, Learn by MyWallSt.
- How Learn by MyWallSt was built with the rewards of short bursts of learning in mind.
- The story of Michelle, who upskilled herself on the bus, leading to investment success.
- What MyWallSt’s $1000 a year service, Horizon, works to do.
- The long-term vision behind Emmet’s work at MyWallSt.
- Similarities between the bursting of the .com bubble and the current climate.
- Understanding that a part of your brain lights up when you bet on something.
- The double-edged sword of human temperament.
- What you can learn from stock investing beyond the obvious.
- Emmet’s advice to keep your nerve when everyone else is panicking.
- Why the customization of messaging is so important: we remember feelings.
- The fact that AI and Robo-Adviser may overtake us eventually.
- What happens the moment a magic formula is released.
