Mogo launches “Buffett Mode” to end FOMO-style trading

Rick Steves

“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.”

Mogo has announced the launch of “Buffett Mode”, a courageous move that directly addresses today’s trading and investment challenges for retail users who are bombarded with gamified platforms where FOMO-style sentiment prevails.

The Canadian brokerage company says it wants investors to stop losing money through frequent and speculative trading that the self-directed investing industry promotes.

The “Buffett Mode” self-directed investing app was designed to help entrench the discipline, patience, and approach that legendary investor Warren Buffett has long promoted.

“Investors have been tricked”

David Feller, Founder and CEO at Mogo, said: “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. The fact is, many investors lose money and the vast majority would be better off simply investing in the S&P 500. Most of these trading apps look more like gambling apps because they make way more money by getting you to gamble than to invest. Buffett Mode is designed to gamify patient, long-term value investing based on the principles of Warren Buffett.”

Besides the “Buffett Mode”, the new Mogo app is focused on behavioral edge, education, a simple pricing model, and more impact:

  • “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 of Warren 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.
  • Behavioral 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. The Mogo 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 incorporated Warren 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.

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