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I like the competition but I believe platforms should have a separation of concerns. Either provide a platform for data or a platform for forecasting. Bloomberg
by bko 5y ago
I like the competition but I believe platforms should have a separation of concerns. Either provide a platform for data or a platform for forecasting. Bloomberg in my experience is mostly data and chat. The added benefit is that everyone has the same reference data. So if someone is trading agency bonds, they can reference a ticker and a yield and get to the same price. The yield itself may be meaningless (i.e. bonds with the same face characteristics could trade at very different yields), but the traders know the nuances and use the yield number as a round proxy and a way agree on price. Mixing both would likely result in having a half-baked product on both sides:
> Elsewhere, OpenBB can leverage deep learning to predict stock price movement using historical data, though in reality the model can be applied to just about anything, including economic data, crypto, and more. The company plans to double down on these predictive smarts.
This is dangerous. You shouldn't lead people to believe they can just plug in some symbols and automatically run a meaningful forecasting model. It may be true with natural phenomenon (e.g. when will be the first full moon 100 years from now), but not with complex financial data. You're leading naive users astray into thinking that some naive regression or ML model can give them insights when you're almost certainly falling into a trap (e.g. overfitting, using predictors that you don't have access to at the time, execution complexity, etc).
Create a service that's a better chat app. Another one to get the data. Another one to run analysis. And allow them to be interoperable through clear APIs. Don't try to build a magic black box that does everything for you.
- traceroute66 5y ago> allow them to be interoperable through clear APIs. Don't try to build a magic black box that does everything for you. One word ... licensing. Its one thing to talk about data feeds for display on a terminal (and perhaps with an Excel plugin and whatnot). Its another thing to talk about data feeds for "open" use by anything under the sun via API. Multiply this by hundreds or thousands of data vendors worldwide who provide feeds to your Bloomberg-esque organisation and you see the problem.