If you want to be a billionaire, you have to invest like one — and now there is an app for that.
iBillionaire is a new mobile app that lets users track the moves of the top billionaire investors.
Launched by two Latino entrepreneurs, iBillionaire debuted Wednesday and immediately shut up to the number two free finance application on the Apple App Store. As of Thursday afternoon it was number six.
The free app gives users free access to 10 billionaire portfolios, including those of Warren Buffet, John Paulson, Daniel Loeb, David Einhorn, Chase Coleman, Carl Icahn, Jorge Paulo Lemann and David Tepper.
It allows users to compare portfolios and track stocks owned by billionaires and stock profiles which show billionaires' holdings.
The co-founders, Raul Moreno and Alejandro Estrada, believe the app is perfect for anyone with stocks and interested in long term investments. Understanding the patterns and the tendencies of the investments of billionaires can help normal investors, they said, those without billions or millions, decide how to diversify a portfolio.
"They [billionaires] don't think about today," said Estrada, an entrepreneur and banker, on the Fox Business Network's show "After the Bell."
"These billionaires have been very consistent in the last decade... investing, choosing and picking for the long term investment."
The app's main value is in its aggregation capabilities. All investor portfolios are filed with the Securities and Exchange Commission, iBillionaire sifts through the billionaire portfolio paperwork and translates it in a way that allows users, even novices, to see how they diversify their investments and holdings.
"Any type or regular investor with two taps can see the history and see that Warren Buffett has Wells Fargo for about 5 years and has consistently been buying," said Moreno, a New York University finance graduate with work experience at a wealth management bank.
"We can say you're overexposed in Apple, you have this diversification alert. "So it's like a game and people can compare their own portfolios with the billionaire."