Mogo Launches “Buffett Mode” Self-Directed Investing App – the Perfect Antidote to Combat Meme Stock Gambling
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Warren Buffett has criticized trading platforms for gamifying investing and resembling gambling parlours1 -
Buffett Mode is designed to gamify thoughtful long-term investing by giving investors the behavioral edge they need to minimize gambling and speculating, and focus on value investing - Discipline at every step – the user experience includes embedded prompts to interrupt speculative behaviours
- Flat-fee monthly subscription model with zero commission fees and zero added FX fees align platform with investors’ needs
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“The meme stock craze is yet another example of the issue we’re trying to combat: investors have been tricked into thinking that the next ten-bagger stock is around the corner, and that a FOMO-style of investing is the best way to generate outsized returns, when the reality can’t be further from the truth,” said
The new
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“Buffett Mode”:
Warren Buffett is widely considered the greatest investor of all time. Beginning with$114 , he built a fortune of over$100 billion . His strategy is credited by many successful investors as the key to their success. It’s about buying company shares at a price below their intrinsic value. “Buffett Mode” is designed to help anyone invest based on the principles ofWarren Buffett , including helping them reduce trading and speculating which is often a driver of underperformance. While most trading apps focus on reducing friction to drive more trading,Buffett Mode adds friction to help users make more thoughtful decisions when buying or selling stocks, avoiding the natural instinct to gamble. -
Behavioural edge on tap:
Warren Buffett credits much of his success not to high IQ but to the right temperament. He believes that most investors fail because they lack the patience and discipline needed to be successful. TheMogo app leverages behavioral science to help gamify thoughtful long-term investing, while also helping to minimize the speculation and gambling that get many investors into trouble. A “Build Your Legacy” calculator, also helps inspire investors to focus on a long-term wealth building strategy versus a get rich quick approach that usually leads to losses. -
Free of the wrong features: Most trading apps have features designed to drive trading activity instead of help investors improve their returns.
Mogo has omitted many of the features that drive speculation including margin and options trading. -
Learn more every day: As Buffett said, “The more you learn, the more you earn” and
Mogo has incorporatedWarren Buffett teachings throughout the app. -
Simple pricing model: As
Charlie Munger said many times “show me the incentive and I’ll show you the outcome”.Mogo's unique$15 /month subscription helps align the Company’s economic model with our users’ success, as opposed to traditional models that are focused on driving trading activity.Mogo charges a flat fee whether you make 1 trade or 20 trades, with zero commission fees and zero added FX fees. -
More money, more impact: Buffett is not only one of the greatest investors ever, he is one of the greatest philanthropists ever.
Mogo users make a positive impact every month by helping replant Canadian forests devastated by wildfires. Our community has already planted approximately 3 million trees.
Canadians can open a Mogo account today by downloading the app:
The
About
Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of applicable securities legislation, including statements regarding expected features of the app and results of investing related to the app and
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[1]
[2] Dalbar's "23rd Annual Quantitative Analysis of Investor Behavior, 2017.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515988924/en/
For further information:
Investor Relations
investors@mogo.ca
(416) 347-8954
US Investor Relations Contact
shamsian@lythampartners.com
(646) 829-9701
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