Social Investing Site Covestor Now Collectively “Manages” $100 Million

Call it social finance. A bunch of investing sites, from MarketWatch and Motley Fool CAPS to Cake Financial and Social Picks, let investors create fantasy portfolios and track their performance. The idea is to compete against each other, celebrity investors, and the overall market. The best investors, whether pros or schmoes, rise to the top and collect a following. It’s the online version of the old stock-picking newsletters. One of the most recent additions to this group, Covestor, takes the idea one step further. It links your online portfolio to an actual brokerage account. So there is real money at stake. Since the site’s launch in June, all of the members who have signed up now collectively manage $100 million worth of their own funds.