It has been quite some time since Evan Schnidman, the co-founder of MarketReader.com, was a guest on the "PreMarket Prep" show. On Tuesday’s broadcast, the PreMarket Prep crew caught up with him to find out what he has been up to.
Schnidman Sells Prattle Analytics To Liquidnet: When Schnidman was first on the show, he was heading up Prattle Analytics Co. Being a data expert with a Ph.D. from Harvard University, his company was able to develop an investment analytics platform designed to measure sentiment and predict the market impact of publicly available content.
The company's platform leveraged natural language processing and machine learning to produce analytics that measures sentiment and predict the market impact of publicly available content, including 15 central banks and over 1,000 corporate communications, enabling asset managers to understand and anticipate relevant market movement, strengthen investment theses and make informed trading strategies.
The company was sold to Liquidnet in June 2019 and Schnidman stayed on at the company in a consulting role until early 2020.
The New Venture: MarketReader.com: Schnidman, along with his partners, said he wanted to create a platform that empowered all investors to understand why asset prices are moving in real time. The company was built on the premise that existing platforms and news outlets deliver explanations that are typically not concise and can be inaccurate, slow and subjective.
Their team has developed a novel, high-frequency technology to provide real-time, data-driven explanations of asset price movement in a faster and more thorough manner than any human-driven process can, he said.
The end results: clarity, and objectivity into the drivers of price movement as it is occurring.
Who Can Use The Platform? On the surface, the product seems complicated and highly sophisticated but would require extensive market knowledge to be effectively used.
When Schnidman was asked Tuesday about the platform's complexity, he was quick to respond that was not the case.
"Anyone that is trading their own portfolio can use it," he said on "PreMarket Prep."
“No matter what your time from is trading/investing, you want to know why your stock is moving, Our goal is to cater to any level of sophistication, from the most technical traders, who are moving very quickly on an intraday basis to the passive investor, who looks at their portfolio once or twice q quarter.”
The entire discussion with Schnidman from Tuesday’s show can be found here:
Photo via Shutterstock.
