A few months ago I began hearing about WallStCheatSheet, currently the fastest growing financial media site on the web. Interested in learning more about their venture, I recently caught up with their CEO, Derek Hoffman, and asked why they launched their site and what has been the key to their success. Below is his response.
“We started our business after achieving an excellent track record (63% return versus a -48% return for the S&P) picking stocks on a blog through the bull market as well as the collapse. We watched good friends and family lose hard earned money while the financial media said, “Hang in there. Everything will be fine.” Well, it wasn’t.
We’ve stepped into a market where investors now demand responsible and objective reporting. Luckily for us, it has been like offering someone gas for $1 a few days after paying $4. Beyond that, they experience elation after reading our Premium Newsletter and finding both an entry AND exit strategy to help them properly take profits while cutting losses — something you won’t find on CNBC. We have assembled a veteran Board of Directors including Larry Kramer, the co-founder and former CEO of MarketWatch and Tracy Sigler, a former VP at Motley Fool. With their help, we are quickly staking our claim as the new media guys in finance rather than an enhanced version of the old [paragidm].”