WO2003005254A1 - Computer-assisted method for real-time consultation in relation to the acquisition of financial assets and for the automatic management of the sale thereof - Google Patents
Computer-assisted method for real-time consultation in relation to the acquisition of financial assets and for the automatic management of the sale thereof Download PDFInfo
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- WO2003005254A1 WO2003005254A1 PCT/ES2001/000267 ES0100267W WO03005254A1 WO 2003005254 A1 WO2003005254 A1 WO 2003005254A1 ES 0100267 W ES0100267 W ES 0100267W WO 03005254 A1 WO03005254 A1 WO 03005254A1
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- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/06—Asset management; Financial planning or analysis
Definitions
- the present invention falls within the scope of interactive systems and methods that allow a user or client to establish a connection through a communication network, such as the Internet Network, with a center or entity providing an advisory service, the definition of an investment strategy aimed at enabling the acquisition of recommended financial assets (eg publicly traded shares).
- a communication network such as the Internet Network
- a computer system associated to the aforementioned communication network is required that allows establishing a connection between a computer of said user and a computer providing a consultation / orientation service (which houses a number of assistant programs and various financial information stored in memory) suitable for data processing and management of some data processing functions.
- the invention also relates to computer programs for the implementation of said method.
- the proposal of the present invention finds a special application for users with amounts to invest not very high, and who generally require significant diversification to avoid an unwanted risk, or bearable for their assets.
- Document EP-A-0572 281 which refers to a data processing system and a method for choosing certain financial assets from a plurality of assets that can be acquired, can be cited, assigning them based on the responses from the user to a questionnaire indicating their financial needs, objectives and risk tolerance. Once an appropriate assignment has been made, a report is issued to advise the investor, recommending the types of investments to be made.
- the method involves storing in a memory of a data computer about a plurality of financial assets. The method does not provide for the management of the assets that can be acquired, nor the sale of the assets, nor is it They consider the exact market conditions at the time of the query.
- US-A-5,774,881 which concerns a method for determining an optimal distribution of financial assets using a cash flow simulation process
- US-A-5,884. 287 for a system and method to generate and show a pattern of risk and benefits in an asset portfolio
- US-A-5,812,988 for a method and system to jointly estimate monetary flows by simulating risk control measures and benefits in relationship with a plurality of financial assets
- US-A-6,078,904 which refers to a system for optimal allocation of investments in an asset portfolio
- US-A-6.021397 relating to a financial system to advise on investments in assets.
- the present invention unlike the methodology and principles of the background mentioned above, provides an initial or previous stage, in which, depending on the answers to the questionnaire by the potential user of the method, an amount is automatically assigned determined for the acquisition of liquid assets without risk, for later with the remaining amount to make a recommendation that not only indicates how many values must be acquired but what is the optimal price to be reached by then proceed to its acquisition, as well as at what value its sale is advised, generating the method both an acquisition of said values and its sale automatically when the aforementioned premises are reached.
- the method also includes an iterative process by repeating a series of queries to a database that contains information about potential candidate values, until finding appropriate values to the recommendation made.
- a database of financial assets is required, loaded from a provider of financial information and fundamental analysis and technical analysis data, whose base is stored in a memory of said service provider computer and includes essence:
- the computer-assisted method according to the invention is characterized by comprising, in relation to the steps previously referred to in said patent application WO-A-01/27844, the following additional steps:
- the aforementioned recommendation also includes a report, which is shown through the aforementioned screen, with an indication about the optimal price that each of the assets to acquire must reach, at the time indicated for both purchase and sale.
- a report which is shown through the aforementioned screen, with an indication about the optimal price that each of the assets to acquire must reach, at the time indicated for both purchase and sale.
- the computer system performs, from the moment of acquisition, a management of the acquired values, through connection and consultation / monitoring, permanent to the aforementioned database, periodically updated by online connection proceeding to execute an automatic sale of the titles purchased in real time, depending on the parameters of evolution of the values once they reach the levels set in the aforementioned report.
- an iterative query is made to said database in days or in temporary periods of predetermined duration, successive, until reaching an alternative of viability that is indicated to the user through said communication network.
- Fig. 1 schematically shows all the different parts and entities or agents that participate in the method and their functional interrelation, allowing to understand the iterative dynamic process of value selection that is proposed.
- Fig. 2 shows an indicative table of the% of the amount available to the user to invest that should be allocated to risk-free assets calculated by a computer program, in accordance with the methodology of the invention
- Figs. 3 and 4 are descriptive graphs of the cost associated with volume and diversification and risk whose aspects are taken into account to calculate through a corresponding program the number of values in which to diversify the investment.
- Fig. 5 illustrates a diversification table indicative of the number of values to be acquired based on the available quantity obtained according to the methodology of the invention.
- the proposed method is designed so that a user can easily access an expert advisory service for investment in financial assets, mainly securities, using basically the same principles used by financial advisory professionals.
- the method operates automatically and from the answers to a questionnaire provides through the execution of some computer programs an individualized recommendation (adapted to the particular conditions of an investor) with a diversification of the amounts to invest and the values to acquire .
- Fig. 1 the set of parts and agents involved in the implementation of the method according to the invention are shown:
- Users 1 access, for example the internet network to a server 2 of the entity providing the guidance service, which on a query page shows a questionnaire that is answered (block 3) by the user, potential investor. From the answers, the method develops, with the help of some associated computer programs for data processing, a result (block 4), which is achieved according to a series of stages that will be described in detail below, by way of example.
- This result which in fact defines an investor profile, is store in memory 5 or other suitable storage medium.
- a financial active database 6 is also shown, which is periodically updated from an information server 7 per connection through the aforementioned internet network, to information providers 8 that provide not only the amount at any time of the values but data about of the fundamental analysis and their technical analysis.
- an automated selection is carried out by a computer program of securities or financial assets appropriate to a profile given market conditions, for which the results of each profile stored in 5 are combined with information about the data financial assets of 6.
- the aforementioned block 9 is linked to the financial market indicated by numeral 10, by bidirectional online connection, both for purchase and sale, through a transactional server 11 that stores purchase and sale orders and a block 12 Automated management of purchase orders and operational sales once the recommendation has been accepted.
- the method responds by executing computer programs to the following fundamental questions that the user considers should always be asked before to invest:
- the method orders the investment process so that the user can know: WHAT TO BUY: what amount, what value;
- WHEN TO BUY at what time it is interesting to invest in a certain value
- WHEN TO SELL when it's time to withdraw profits or sell to avoid unsustainable losses.
- the method first finds out, by means of a questionnaire that is shown to the user through its screen, and that consists of, for example, nine questions, the profile of said user as a potential stock investor, answering to:
- the method offers the answer to how much it is pertinent to invest and how much should be allocated to lower risk investments, such as an availability buffer, carrying out a series of sequential operations as detailed below.
- the aforementioned first assignment to acquire liquid assets without risk is obtained from the answers of the potential investor to at least the following questions of the aforementioned questionnaire: _ a) amount to be invested;
- the method allows identifying these situations by proposing to invest only those amounts that are not going to be necessary or, lowering the total amount to be invested to find an equilibrium amount that does not jeopardize the total savings, always based on a minimum monetary to allocate as emergency reserve.
- a report is issued, Fig. 6 block 13, on the amount to invest in each security in which to diversify the investment.
- A) market situation quotation at that time of each of the securities (eg in Spain IBEX35); B) risk / return profile defined by the questionnaire (as mentioned above); C) risk / profitability profile of each value that is obtained through a system of filters that take as input the fundamental analysis and technical analysis data that will be discussed below.
- the method proceeds to an identification of the selectable values by successive application of a series of filters.
- the following explanation refers to an example for IBEX 35 values:
- RP [(Objective Value / Market Value) - 1] * 100 If the value obtained for RP is higher than the objective profitability obtained from the said questionnaire for the investor profile, the value is selectable under this filter. Otherwise the value is discarded as an investment for that profile.
- the annual volatility data is taken (calculated from the percentages of daily variation from the close of day D to the close of day D + 1).
- the annual volatility data is passed to daily terms, taking the square root of the annual volatility value divided by the number of sessions it has quoted.
- the daily volatility thus obtained is compared with the risk assumed by the user, obtained from the questionnaire questions.
- the value of the volatility of the share is greater than the limit of losses of the investor, the value is discarded as selectable, even fulfilling the rest of the requirements.
- the value for that day of the most important primary resistance, facilitated and maintained by an entity providing financial information, is taken on a daily basis and the profitability that could be obtained by buying at the market price and selling at the level of said resistance is calculated. If the profitability that this operation would offer exceeds the objective profitability obtained from the questionnaire, the value is classified as selectable. Otherwise, it is dismissed, because there is not enough profit margin without capping a level where it is likely to bounce down.
- the last of the filters that must exceed a value to be selected refers to the type of primary (long-term or structural) and secondary (short-term) trend it has.
- This data is taken from the daily analysis offered by an entity providing financial information using graphical (subjective) techniques and quantitative oscillators (RSI, MACD, means mobile ). From this study, four types of trend possibilities are determined: bearish, neutral-bearish, neutral, neutral-bullish, bullish.
- the method according to the invention starts from the short-term trend that must be neutral-bullish or bullish. In that case the value is selectable under this filter. If a short-term trend is found, the long-term trend is sought.
- the sharpe criterion takes into account potential profitability and annual volatility:
- a characteristic of the method according to the invention is the inclusion in the recommendation offered to the user after answering the questionnaire of information about the optimal amount that should reach a value for proceed to its acquisition, as well as to make its sale, whose last aspect the method implements automatically.
- Said recommendation to buy or wait is calculated from the primary support data.
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Abstract
Description
Método asistido por ordenador para orientar en tiempo real acerca de la adquisición de activos financieros y para gestión automática de su ventaComputer-aided method for real-time guidance on the acquisition of financial assets and for automatic sale management
En la presente memoria se contiene materia que queda sometida a protección bajo copyright. El titular de los derechos de copyright no tiene objeción alguna respecto a una reproducción por escrito de la descripción de la patente según la presente solicitud pero por otra parte se reserva cualquier otro derecho de copyright derivado del contenido.This document contains material that is subject to copyright protection. The copyright holder has no objection to a written reproduction of the description of the patent according to the present application but on the other hand reserves any other copyright derived from the content.
Campo de la InvenciónField of the Invention
La presente invención se inscribe dentro del ámbito de los sistemas y métodos interactivos que permiten a un usuario o cliente estableciendo una conexión a través de una red de comunicación, tal como la Red Internet, con un centro o entidad prestador de un servicio de asesoría, la definición de una estrategia de inversión encaminada a posibilitar la adquisición de unos activos financieros (por Ej. acciones cotizando en bolsa) recomendados.The present invention falls within the scope of interactive systems and methods that allow a user or client to establish a connection through a communication network, such as the Internet Network, with a center or entity providing an advisory service, the definition of an investment strategy aimed at enabling the acquisition of recommended financial assets (eg publicly traded shares).
Para la implementación del citado método se precisa un sistema informático asociado a la citada red de comunicación que permite establecer una conexión entre un ordenador del citado usuario y un ordenador prestador de un servicio de consulta/orientación (que alberga unos programas asistentes e información financiera diversa almacenada en memoria) apto para procesado de datos y gestión de unas funciones de tratamiento de dichos datos.For the implementation of the aforementioned method, a computer system associated to the aforementioned communication network is required that allows establishing a connection between a computer of said user and a computer providing a consultation / orientation service (which houses a number of assistant programs and various financial information stored in memory) suitable for data processing and management of some data processing functions.
La invención también se refiere a unos programas informáticos para la puesta en práctica del citado método.The invention also relates to computer programs for the implementation of said method.
La propuesta de la presente invención encuentra una aplicación especial para usuarios con cantidades a invertir no muy elevadas, y que requieren en general una importante diversificación para evitar un riesgo no deseado, ni soportable para su patrimonio. Antecedentes de la InvenciónThe proposal of the present invention finds a special application for users with amounts to invest not very high, and who generally require significant diversification to avoid an unwanted risk, or bearable for their assets. Background of the Invention
Como una alternativa a las técnicas tradicionales de inversión en bolsa y en otros activos financieros, en donde los inversores interesados en una gestión propia/directa de sus inversiones tendían a diversificar una cantidad a invertir entre diversos fondos para reducir su riesgo, tras estudio detallado de la evolución de los citados fondos, consultando diversas fuentes impresas, en la actualidad la inversión on line (en línea), es decir por conexión desde un terminal de ordenador a cuyo través se consultan dichos valores, por Ej. en una base de datos que almacena resultados de los mismos, y valores actuales, y se generan órdenes de compra y de venta, está adquiriendo cada vez más importancia, especialmente dada la cantidad de información a la que el usuario puede tener fácilmente acceso y el elevado número de usuarios que en numerosos países hacen uso de la conexión en línea para adquirir y/o vender valores negociables en bolsa.As an alternative to traditional investment techniques in the stock market and other financial assets, where investors interested in their own / direct management of their investments tended to diversify an amount to be invested between various funds to reduce their risk, after a detailed study of the evolution of the aforementioned funds, consulting various printed sources, currently the online investment (online), that is, by connection from a computer terminal through which these values are consulted, for example in a database that stores results of them, and current values, and purchase and sale orders are generated, is becoming increasingly important, especially given the amount of information that the user can easily access and the high number of users that in Many countries make use of the online connection to acquire and / or sell marketable securities.
En un tal entorno interactivo, y con apoyo en la Red Internet, se han propuesto diversos métodos y sistemas asistidos por ordenador y basados en programas informáticos para crear y gestionar una cartera de valores.In such an interactive environment, and with support on the Internet, various methods and systems assisted by computer and based on computer programs have been proposed to create and manage a portfolio of securities.
Se conocen así, numerosos documentos de patentes, entre los cuales se enumerarán aquellos más próximos a los principios sobre los que se desarrolla esta invención.Thus, numerous patent documents are known, among which those closest to the principles on which this invention is developed will be listed.
Puede citarse así el documento EP-A-0572 281 que se refiere a un sistema de procesado de datos y un método para elegir unos determinados activos financieros entre una pluralidad de activos susceptibles de adquisición, realizando una asignación de los mismos a partir de las respuestas del usuario a un cuestionario que indican sus necesidades financieras, objetivos y la tolerancia al riesgo. Una vez que se ha realizado una asignación adecuada se emite un informe para aconsejar al inversor recomendándole los tipos de inversiones a realizar. El método supone el almacenamiento en una memoria de un ordenador de datos acerca de una pluralidad de activos financieros. El método no prevé la gestión de los activos que puedan adquirirse, ni la venta de los mismos, y tampoco se consideran las condiciones exactas del mercado en el momento de realizar la consulta.Document EP-A-0572 281, which refers to a data processing system and a method for choosing certain financial assets from a plurality of assets that can be acquired, can be cited, assigning them based on the responses from the user to a questionnaire indicating their financial needs, objectives and risk tolerance. Once an appropriate assignment has been made, a report is issued to advise the investor, recommending the types of investments to be made. The method involves storing in a memory of a data computer about a plurality of financial assets. The method does not provide for the management of the assets that can be acquired, nor the sale of the assets, nor is it They consider the exact market conditions at the time of the query.
Otros propuestas relacionadas con el objeto de la invención se encuentran en las patentes US-A-5.774.881 que concierne a un método para determinar una distribución óptima de activos financieros utilizando un proceso de simulación de flujo de fondos, US-A-5.884.287 por un sistema y método para generar y mostrar un patrón de riesgo y beneficios en una cartera de activos, US-A-5.812.988 por un método y sistema para estimar conjuntamente flujos monetarios por simulación de medidas de control de riesgo y beneficios en relación con una pluralidad de activos financieros, US-A-6.078.904 que refiere un sistema para asignación óptima de inversiones en una cartera de activo y US-A-6.021397 relativa a un sistema financiero para aconsejar acerca de inversiones en activos.Other proposals related to the object of the invention are found in US-A-5,774,881 which concerns a method for determining an optimal distribution of financial assets using a cash flow simulation process, US-A-5,884. 287 for a system and method to generate and show a pattern of risk and benefits in an asset portfolio, US-A-5,812,988 for a method and system to jointly estimate monetary flows by simulating risk control measures and benefits in relationship with a plurality of financial assets, US-A-6,078,904 which refers to a system for optimal allocation of investments in an asset portfolio and US-A-6.021397 relating to a financial system to advise on investments in assets.
Recientemente se han publicado las solicitudes WO-A-01/31481 por sistema interactivo para gestión de una cartera de activos bursátiles, WO-A- 01/35311 por un sistema de gestión de una cartera de activos bursátiles y WO-01/33402 por un sistema de gestión de riesgo de una cartera de activos bursátiles.Recently, applications WO-A-01/31481 have been published for an interactive system for managing a portfolio of stock assets, WO-A- 01/35311 for a system for managing a portfolio of stock assets and WO-01/33402 for a risk management system of a portfolio of stock assets.
En la solicitud de patente WO-A-01/27844, que se considera el antecedente más próximo de la presente invención, y cuya esencialidad se recoge en el preámbulo de la reivindicación 1 , se describe un método para análisis y gestión destinado a generar una recomendación para inversión en activos negociables, que comprende las siguientes etapas básicas:In patent application WO-A-01/27844, which is considered the closest antecedent of the present invention, and whose essentiality is set out in the preamble of claim 1, a method for analysis and management intended to generate a recommendation for investment in negotiable assets, which includes the following basic stages:
- proporcionar un entorno interactivo que incluye una pantalla de dicho ordenador de usuario a cuyo través se muestra un cuestionario;- provide an interactive environment that includes a screen of said user computer through which a questionnaire is displayed;
- identificar un perfil de tolerancia al riesgo de dicho usuario sobre la base de unas respuestas al citado cuestionario;- Identify a risk tolerance profile of said user based on answers to the aforementioned questionnaire;
- identificar una rentabilidad objetivo de dicho usuario a partir de unas respuestas del citado cuestionario- Identify an objective profitability of said user based on answers from the aforementioned questionnaire
- identificar la situación patrimonial y financiera de dicho usuario potencial inversor; - almacenar las respuestas al citado cuestionario en al menos una memoria temporal; y- identify the patrimonial and financial situation of said potential investor user; - store the answers to the said questionnaire in at least one temporary memory; Y
- acceder a una base de datos que contiene información acerca de una pluralidad de activos financieros.- access a database that contains information about a plurality of financial assets.
Rreve exposición de la invenciónRare exposure of the invention
La presente invención, a diferencia de la metodología y principios del antecedente referido en último lugar, proporciona una etapa inicial o previa, en la que, en función de las respuestas al cuestionario por parte del potencial usuario del método se asigna de forma automática una cantidad determinada para la adquisición de activos líquidos sin riesgo, para posteriormente con la cantidad restante realizar una recomendación en la que no sólo se indica cuantos valores hay que adquirir sino cual es el precio óptimo que han de alcanzar para entonces proceder a su adquisición, así como a que valor se aconseja su venta, generando el método tanto una adquisición de dichos valores como su venta de manera automática cuando se alcanzan las citadas premisas.The present invention, unlike the methodology and principles of the background mentioned above, provides an initial or previous stage, in which, depending on the answers to the questionnaire by the potential user of the method, an amount is automatically assigned determined for the acquisition of liquid assets without risk, for later with the remaining amount to make a recommendation that not only indicates how many values must be acquired but what is the optimal price to be reached by then proceed to its acquisition, as well as at what value its sale is advised, generating the method both an acquisition of said values and its sale automatically when the aforementioned premises are reached.
El método comprende además un proceso iterativo repitiendo una serie de consultas a una base de datos que contiene información de datos acerca de los valores potenciales candidatos, hasta encontrar unos valores adecuados a la recomendación efectuada.The method also includes an iterative process by repeating a series of queries to a database that contains information about potential candidate values, until finding appropriate values to the recommendation made.
Para implementación del método se precisa una base de datos de activos financieros, cargada a partir de un proveedor de información financiera y de datos de análisis fundamental y análisis técnico, cuya base se halla almacenada en una memoria de dicho ordenador prestador del servicio y comprende en esencia:To implement the method, a database of financial assets is required, loaded from a provider of financial information and fundamental analysis and technical analysis data, whose base is stored in a memory of said service provider computer and includes essence:
- el riesgo histórico en un primer período temporal, de dichos activos financieros medido por la desviación típica de las variaciones del precio del activo;- the historical risk in a first time period of said financial assets measured by the standard deviation of the changes in the price of the asset;
- valor de cada activo en cada momento, adquirido a través de una actualización por conexión en tiempo real o en línea (on line) a través de dicha red de comunicación;- value of each asset at any time, acquired through an update per connection in real time or online (on line) through said communication network;
- valor esperado potencial de cada activo obtenido a través de metodologías de análisis fundamental, en contraposición al valor del momento; - valores relativos a las resistencias y soportes más cercanos de cada activo sobre la base de análisis de su evolución temporal en dicho primer período temporal, y- potential expected value of each asset obtained through fundamental analysis methodologies, as opposed to the value of the moment; - values relative to the closest resistances and supports of each asset based on the analysis of its temporal evolution in said first time period, and
- tipo de tendencia alcista/bajista de cada valor considerada en un segundo período de tiempo mayor a dicho primer período. El método asistido por ordenador según la invención se caracteriza por comprender, en relación a los pasos anteriormente referidos en la citada solicitud de patente WO-A-01/27844, las siguientes etapas adicionales:- type of upward / downward trend of each value considered in a second period of time greater than said first period. The computer-assisted method according to the invention is characterized by comprising, in relation to the steps previously referred to in said patent application WO-A-01/27844, the following additional steps:
- a partir de una parte de los datos del referido cuestionario, asignar de una manera automática, una fracción de dicha cantidad a invertir, destinada a activos líquidos sin riesgo;- from a part of the data of the aforementioned questionnaire, automatically assign a fraction of that amount to be invested, destined to liquid assets without risk;
- a partir de la parte restante de dicha cantidad a invertir elaborar un informe indicando el número de valores susceptibles de ser adquiridos así como el importe a asignar por valor; . establecer una conexión con dicha base de datos que contiene información acerca de una pluralidad de activos financieros; y- from the remaining part of said amount to be invested, prepare a report indicating the number of securities that can be acquired as well as the amount to be assigned by value; . establish a connection with said database that contains information about a plurality of financial assets; Y
- generar una recomendación para adquirir un número diversificado de valores de dichos activos financieros, teniendo en cuenta dicho perfil de tolerancia al riesgo y la citada rentabilidad objetivo, o en su defecto emitir un informe indicando que en el momento de la consulta no existen valores, o suficientes valores para adquirir que se adapten al perfil de dicho usuario, potencial inversor.- generate a recommendation to acquire a diversified number of securities of said financial assets, taking into account said risk tolerance profile and the aforementioned objective profitability, or failing to issue a report indicating that at the time of the consultation there are no securities, or enough values to acquire that adapt to the profile of said user, potential investor.
Es característico del método propuesto que la citada recomendación incluye además un informe, que es mostrado a través de la citada pantalla, con una indicación acerca del precio óptimo que debe alcanzar cada uno de los activos a adquirir, en el momento indicado tanto para compra como venta. En caso de que el usuario acepte la recomendación citada y si los valores a adquirir alcanzan el valor sugerido como importe óptimo, se genera una orden de adquisición de los citados activos según la recomendación,.It is characteristic of the proposed method that the aforementioned recommendation also includes a report, which is shown through the aforementioned screen, with an indication about the optimal price that each of the assets to acquire must reach, at the time indicated for both purchase and sale. In the event that the user accepts the aforementioned recommendation and if the securities to be acquired reach the suggested value as an optimal amount, an order for the acquisition of said assets is generated according to the recommendation.
Además, el sistema informático realiza, a partir del momento de la adquisición, una gestión de los valores adquiridos, mediante conexión y consulta/seguimiento, permanentes a la citada base de datos, actualizada periódicamente por conexión en línea procediendo a ejecutar una venta automática de los títulos comprados en tiempo real, en función de los parámetros de evolución de los valores una vez los mismos alcancen los niveles fijados en el citado informe.In addition, the computer system performs, from the moment of acquisition, a management of the acquired values, through connection and consultation / monitoring, permanent to the aforementioned database, periodically updated by online connection proceeding to execute an automatic sale of the titles purchased in real time, depending on the parameters of evolution of the values once they reach the levels set in the aforementioned report.
Por su parte y en el caso de que el informe sea negativo, indicando que no ha sido posible asignar de manera distribuida la cantidad a invertir entre los valores de los que se tiene datos se procede a realizar una consulta iterativa a dicha base de datos en días o en períodos temporales de duración prefijada, sucesivos, hasta alcanzar una alternativa de viabilidad que es indicada al usuario a través de dicha red de comunicación.For its part and in the case that the report is negative, indicating that it has not been possible to allocate in a distributed way the amount to be invested between the values of which data is available, an iterative query is made to said database in days or in temporary periods of predetermined duration, successive, until reaching an alternative of viability that is indicated to the user through said communication network.
Con el fin de hacer más comprensible la explicación del método que se propone, se describirá el mismo a continuación sobre la base de un ejemplo de realización, preferido , con referencia a unas hojas de dibujos en las que se han ilustrado algunos aspectos principales del mismo.In order to make the explanation of the proposed method more understandable, it will be described below on the basis of a preferred embodiment, with reference to some sheets of drawings in which some main aspects thereof have been illustrated. .
Rreve explicación de los dihujosRare explanation of the dihujos
La Fig. 1 muestra esquemáticamente todos las diferentes partes y entidades o agentes que participan en el método y su interrelación funcional, permitiendo entender el proceso dinámico iterativo de selección de valores que se propone.Fig. 1 schematically shows all the different parts and entities or agents that participate in the method and their functional interrelation, allowing to understand the iterative dynamic process of value selection that is proposed.
La Fig. 2 muestra una tabla indicativa del % de la cantidad de que dispone el usuario para invertir que debe ser destinada a activos sin riesgo calculada por un programa informático, conforme a la metodología de la invenciónFig. 2 shows an indicative table of the% of the amount available to the user to invest that should be allocated to risk-free assets calculated by a computer program, in accordance with the methodology of the invention
Las Figs. 3 y 4 son unas gráficas descriptivas del coste asociado al volumen y la diversificación y riesgo cuyos aspectos se tienen en cuenta para calcular mediante un correspondiente programa el n° de valores en los que diversificar la inversión.Figs. 3 and 4 are descriptive graphs of the cost associated with volume and diversification and risk whose aspects are taken into account to calculate through a corresponding program the number of values in which to diversify the investment.
La Fig. 5 ilustra una tabla de diversificación indicativa del n° de valores a adquirir en función de la cantidad disponible obtenida según la metodología de la invención.Fig. 5 illustrates a diversification table indicative of the number of values to be acquired based on the available quantity obtained according to the methodology of the invention.
Por último en la Fig. 6 se indican esquemáticamente los componentes esenciales que el método y programas informáticos asociados tienen en cuenta para la obtención de una selección de valores a recomendar.Finally, in Fig. 6 the essential components that the method and associated software take into account to obtain a selection of values to be recommended are schematically indicated.
Fyplir.ac.iήn en detalle de la invenciónFyplir.ac.iήn in detail of the invention
El método que se propone está concebido para que un usuario pueda acceder de forma sencilla a un servicio experto de asesoramiento de inversión en activos financieros, principalmente valores bursátiles, utilizando básicamente los mismos principios empleados por profesionales de asesoramiento financiero. El método opera de una manera automática y a partir de las respuestas a un cuestionario proporciona mediante la ejecución de unos programas informáticos una recomendación individualizada (adaptada a las condiciones particulares de un inversor) con una diversificación de las cantidades a invertir y de los valores a adquirir.The proposed method is designed so that a user can easily access an expert advisory service for investment in financial assets, mainly securities, using basically the same principles used by financial advisory professionals. The method operates automatically and from the answers to a questionnaire provides through the execution of some computer programs an individualized recommendation (adapted to the particular conditions of an investor) with a diversification of the amounts to invest and the values to acquire .
En la Fig. 1 se muestran el conjunto de partes y agentes que intervienen en la implementación del método según la invención:In Fig. 1 the set of parts and agents involved in the implementation of the method according to the invention are shown:
Los usuarios 1 acceden, a través de por Ejemplo la red internet a un servidor 2 de la entidad prestadora del servicio de orientación, que en una página de consulta muestra un cuestionario que es contestado (bloque 3) por el usuario, potencial inversor. A partir de las respuestas, el método elabora, con la ayuda de unos programas informáticos asociados para tratamiento de los datos, un resultado (bloque 4), que se alcanza según una serie de etapas que se describirán con detalle a continuación, a título de ejemplo. Dicho resultado, que define de hecho un perfil del inversor, se almacena en una memoria 5 u otro medio de almacenamiento adecuado. Se muestra asimismo una base de datos activos financieros 6, que se actualiza periódicamente desde un servidor de información 7 por conexión mediante la citada red internet, a unos proveedores 8 de información que aportan no solo el importe en cada momento de los valores sino datos acerca del análisis fundamental y el análisis técnico de los mismos. En el bloque 9, se procede a una selección automatizada por un programa informático de valores o activos financieros adecuados a un perfil dadas unas condiciones del mercado, para lo cual se combinan los resultados de cada perfil almacenado en 5 con la información acerca de los datos activos financieros de 6. El citado bloque 9 está enlazado con el mercado financiero indicado por el numeral 10, por conexión en línea bidireccional, tanto para compra como para venta, mediante un servidor transaccional 11 que almacena órdenes de compra y venta y un bloque 12 de gestión automatizada de órdenes de compra y de venta operativo una vez la recomendación ha sido aceptada.Users 1 access, for example the internet network to a server 2 of the entity providing the guidance service, which on a query page shows a questionnaire that is answered (block 3) by the user, potential investor. From the answers, the method develops, with the help of some associated computer programs for data processing, a result (block 4), which is achieved according to a series of stages that will be described in detail below, by way of example. This result, which in fact defines an investor profile, is store in memory 5 or other suitable storage medium. A financial active database 6 is also shown, which is periodically updated from an information server 7 per connection through the aforementioned internet network, to information providers 8 that provide not only the amount at any time of the values but data about of the fundamental analysis and their technical analysis. In block 9, an automated selection is carried out by a computer program of securities or financial assets appropriate to a profile given market conditions, for which the results of each profile stored in 5 are combined with information about the data financial assets of 6. The aforementioned block 9 is linked to the financial market indicated by numeral 10, by bidirectional online connection, both for purchase and sale, through a transactional server 11 that stores purchase and sale orders and a block 12 Automated management of purchase orders and operational sales once the recommendation has been accepted.
Conforme a la invención, a partir de la situación y características personales de un usuario, potencial inversor, así como de su nivel de disponibilidad, el método da respuesta ejecutando unos programas informáticos a las siguientes preguntas fundamentales que considera ha de plantearse siempre dicho usuario antes de invertir:According to the invention, based on the situation and personal characteristics of a user, potential investor, as well as its level of availability, the method responds by executing computer programs to the following fundamental questions that the user considers should always be asked before to invest:
• ¿Cuánto puedo invertir?: Disponibilida• How much can I invest ?: Available
• ¿En cuántos valores?: Diversificación • In how many values ?: Diversification
• ¿A que plazo?• At what time?
• Qué objetivos de rentabilidad debo fijarme? Y sobre todo ¿Qué nivel de riesgo, puedo aceptar?• What profitability goals should I set? And above all, what level of risk can I accept?
En definitiva, el método ordena el proceso de inversión para que el citado usuario pueda saber: QUÉ COMPRAR: qué importe, qué valor;In short, the method orders the investment process so that the user can know: WHAT TO BUY: what amount, what value;
CUÁNDO COMPRAR: en qué momento es interesante invertir en un valor determinado; CUÁNDO VENDER: cuando es el momento de retirar los beneficios o de vender para evitar pérdidas no sostenibles.WHEN TO BUY: at what time it is interesting to invest in a certain value; WHEN TO SELL: when it's time to withdraw profits or sell to avoid unsustainable losses.
Tal como se ha indicado, el método averigua en primer lugar, por medio de un cuestionario que se muestra al usuario a través de su pantalla, y que consta de por ejemplo nueve preguntas, el perfil de dicho usuario como potencial inversor de bolsa, respondiendo a:As indicated, the method first finds out, by means of a questionnaire that is shown to the user through its screen, and that consists of, for example, nine questions, the profile of said user as a potential stock investor, answering to:
- Capacidad de ahorro periódico- Periodic saving capacity
- Grado de importancia relativa de la inversión respecto al total del patrimonio financiero- Degree of relative importance of the investment with respect to the total financial assets
- Horizonte temporal de la inversión - Perspectivas de ingresos y gastos futuros- Time horizon of the investment - Prospects of future income and expenses
- Comportamiento ante subidas y bajadas (obtención de la ecuación rentabilidad - riesgo).- Behavior before ups and downs (obtaining the return - risk equation).
Así, el método ofrece la respuesta a cuánto es pertinente invertir y cuánto debería ser destinado a inversiones de menor riesgo, como colchón de disponibilidad, realizando una serie de operaciones secuenciales según se detalla seguidamente.Thus, the method offers the answer to how much it is pertinent to invest and how much should be allocated to lower risk investments, such as an availability buffer, carrying out a series of sequential operations as detailed below.
Más en concreto, la citada primera asignación destinada a adquirir activos líquidos sin riesgo, se obtiene a partir de las respuestas del potencial inversor a por lo menos las siguientes preguntas del citado cuestionario: _ a) cantidad a invertir;More specifically, the aforementioned first assignment to acquire liquid assets without risk, is obtained from the answers of the potential investor to at least the following questions of the aforementioned questionnaire: _ a) amount to be invested;
- b) capacidad de ahorro periódico;- b) periodic savings capacity;
- c) importe relativo de dicha cantidad respecto al patrimonio del inversor;- c) relative amount of said amount with respect to the investor's equity;
- d) horizonte temporal de la inversión; y . e) expectativas de ingresos/gastos durante dicho horizonte temporal; y cada una de las respuestas a las cuestiones b), c) y d) se ponderan de forma individual por un programa informático dedicado, sobre la base de distintas situaciones y en varios tramos cuyos límites inferior y superior son: ahorro escaso elevado- d) time horizon of the investment; Y . e) income / expense expectations during said time horizon; and each of the answers to questions b), c) and d) are weighted individually by a dedicated computer program, based on different situations and in several sections whose lower and upper limits are: low savings
<10% >30% importe relativo escaso elevado<10%> 30% relatively low relative amount
<20% > 80% horizonte temporal cercano lejano<20%> 80% near near time horizon
1 año > 5 años otorgando a cada tramo un número de puntos y elaborando una tabla que, únicamente a título de ejemplo ilustrativo, se muestra en la Fig. 2, con dos entradas: número de puntos e importe de la cantidad a invertir, respectivamente, indicando para cada par el % del disponible a destinar a activos líquidos sin riesgo (por ejemplo fondos FIAMMs o de renta fija a corto plazo) Podría darse el caso de que una persona decidiera invertir la totalidad de su patrimonio en una inversión a corto plazo de elevado riesgo con el objetivo de efectuar una compra de una vivienda. El método permite identificar estas situaciones proponiendo invertir solo aquellos importes que no vayan a ser necesarios o bien, rebajando el total a invertir para encontrar una cantidad de equilibrio que no ponga en peligro la totalidad de los ahorros, siempre partiendo de la base de un mínimo monetario a destinar como reserva para urgencias.1 year> 5 years giving each section a number of points and preparing a table that, for illustrative example only, is shown in Fig. 2, with two entries: number of points and amount of the amount to be invested, respectively , indicating for each pair the% of the available to allocate to liquid assets without risk (for example FIAMMs or short-term fixed-income funds) It could be the case that a person decided to invest all of their assets in a short-term investment of high risk with the objective of making a purchase of a house. The method allows identifying these situations by proposing to invest only those amounts that are not going to be necessary or, lowering the total amount to be invested to find an equilibrium amount that does not jeopardize the total savings, always based on a minimum monetary to allocate as emergency reserve.
A continuación, el método pasa a calcular el número de valores en los que diversificar el resto de la cantidad disponible para invertir. A tal efecto se tienen en cuenta dos aspectos fundamentales:Next, the method goes on to calculate the number of securities in which to diversify the rest of the amount available to invest. For this purpose, two fundamental aspects are taken into account:
- el coste de adquisición de los valores (comisiones a pagar y el coste relativo al volumen de la inversión que representan dichas comisiones), y- the cost of acquiring the securities (commissions payable and the cost relative to the volume of investment represented by said commissions), and
- el principio de minimización del riesgo, derivado de losmodelos de valoración de activos (Asset Pricing Models) que se ¡lustran en las gráficas de las Figs. 3 y 4.- the risk minimization principle, derived from the asset valuation models (Asset Pricing Models) that are illustrated in the graphs in Figs. 3 and 4.
A partir de dichas gráficas se obtiene una tabla de diversificación que se muestra en la Fig. 5.From these graphs a diversification table is obtained that It is shown in Fig. 5.
Posteriormente, en función del número de valores y de la cantidad total a invertir en activos financieros (bolsa u otros) se emite, Fig. 6 bloque 13, un informe acerca de la cantidad a invertir en cada valor en los que diversificar la inversión.Subsequently, depending on the number of securities and the total amount to invest in financial assets (stock market or other), a report is issued, Fig. 6 block 13, on the amount to invest in each security in which to diversify the investment.
La selección de valores se efectúa en tiempo real. Se conjugan tres elementos de forma simultánea:The selection of values is made in real time. Three elements are combined simultaneously:
A) situación del mercado: cotización de ese momento de cada uno de los valores (p Ej. en España IBEX35); B) perfil de riesgo / rentabilidad definido por el cuestionario (como se ha mencionado anteriormente); C) perfil de riesgo / rentabilidad de cada valor que se obtiene a través de un sistema de filtros que toman como entradas los datos de análisis fundamental y análisis técnico que se comentarán a continuación.A) market situation: quotation at that time of each of the securities (eg in Spain IBEX35); B) risk / return profile defined by the questionnaire (as mentioned above); C) risk / profitability profile of each value that is obtained through a system of filters that take as input the fundamental analysis and technical analysis data that will be discussed below.
El método procede a una identificación de los valores seleccionables mediante la aplicación sucesiva de una serie de filtros. La explicación que siguehace referencia a un ejemplo para valores del IBEX 35:The method proceeds to an identification of the selectable values by successive application of a series of filters. The following explanation refers to an example for IBEX 35 values:
• Filtro de rentabilidad potencial (análisis fundamental): Se toman los valores objetivos que para cada una de las acciones del IBEX 35 ofrece una entidad proveedora de información financiera. Se calcula la rentabilidad potencial (RP) que ofrecería una hipotética inversión en ese valor al precio de mercado existente hasta llegar al valor objetivo, mediante el siguiente cálculo. • Potential profitability filter (fundamental analysis): The objective values are taken for each of the IBEX 35 shares offered by a financial information provider. The potential return (RP) that would offer a hypothetical investment in that value at the existing market price until reaching the target value is calculated, using the following calculation.
. RP = [(Valor Objetivo / Valor de mercado) - 1 ] * 100 Si el valor obtenido para RP es superior a la rentabilidad objetivo obtenida del citado cuestionario para el perfil del inversor, el valor es seleccionable bajo este filtro. En caso contrario el valor es descartado como inversión para ese perfil.. RP = [(Objective Value / Market Value) - 1] * 100 If the value obtained for RP is higher than the objective profitability obtained from the said questionnaire for the investor profile, the value is selectable under this filter. Otherwise the value is discarded as an investment for that profile.
• Filtro de riesgo (análisis fundamental): • Risk filter (fundamental analysis):
Para cada valor se toman los datos de volatilidad anual (calculados a partir de los porcentajes de variación diaria de cierre del día D a cierre del día D+1). El dato de la volatilidad anual se pasa a términos diarios, tomando la raíz cuadrada del valor de volatilidad anual dividida por el número de sesiones que ha cotizado.For each value the annual volatility data is taken (calculated from the percentages of daily variation from the close of day D to the close of day D + 1). The annual volatility data is passed to daily terms, taking the square root of the annual volatility value divided by the number of sessions it has quoted.
La volatilidad diaria así obtenida se compara con el riesgo asumible por el usuario, obtenido de las preguntas del cuestionario.The daily volatility thus obtained is compared with the risk assumed by the user, obtained from the questionnaire questions.
Si el valor de la volatilidad de la acción es superior al límite de pérdidas del inversor, el valor es descartado como seleccionable, aún cumpliendo el resto de requisitos.If the value of the volatility of the share is greater than the limit of losses of the investor, the value is discarded as selectable, even fulfilling the rest of the requirements.
Es decir, para cada perfil de riesgo solo son seleccionables los valores que tengan una volatilidad, medida en términos diarios, inferior al % de riesgo obtenido de las preguntas del cuestionario. . Filtro de rentabilidad técnica (análisis técnico):That is, for each risk profile, only securities that have a volatility, measured in daily terms, that are less than the% risk obtained from the questionnaire questions are selectable. . Technical profitability filter (technical analysis):
Se toma el valor para ese día de la resistencia primaria más importante, facilitada y mantenida por una entidad proveedora de información financiera, de forma diaria y se calcula la rentabilidad que podría obtenerse comprando al precio de mercado y vendiendo en el nivel de dicha resistencia. Si la rentabilidad que ofrecería esta operación supera la rentabilidad objetivo obtenida del cuestionario, el valor es catalogado como seleccionable. En caso contrario se desestima, por cuanto no existe un margen suficiente de obtención de beneficio sin que tope con un nivel dónde es probable que rebote a la baja.The value for that day of the most important primary resistance, facilitated and maintained by an entity providing financial information, is taken on a daily basis and the profitability that could be obtained by buying at the market price and selling at the level of said resistance is calculated. If the profitability that this operation would offer exceeds the objective profitability obtained from the questionnaire, the value is classified as selectable. Otherwise, it is dismissed, because there is not enough profit margin without capping a level where it is likely to bounce down.
• Filtro de tendencias (análisis técnico):• Trend filter (technical analysis):
El último de los filtros que debe superar un valor para ser seleccionado hace referencia a el tipo de tendencia primaria (largo plazo o estructural) y secundaria (corto plazo) que tiene. Este dato se toma del análisis diario que ofrece una entidad proveedora de información financiera utilizando técnicas gráficas (subjetivas) y osciladores cuantitativos (RSI, MACD, medias móviles...). A partir de ese estudio se determinan cuatro tipos de posibilidades de tendencia: bajista, neutral-bajista, neutral, neutral- alcista, alcista. El método según la invención parte de la tendencia a corto plazo que debe ser neutral-alcista o alcista. En ese caso el valor es seleccionable bajo este filtro. Si se encuentra una tendencia a corto neutral, se busca la tendencia a largo plazo.The last of the filters that must exceed a value to be selected refers to the type of primary (long-term or structural) and secondary (short-term) trend it has. This data is taken from the daily analysis offered by an entity providing financial information using graphical (subjective) techniques and quantitative oscillators (RSI, MACD, means mobile ...). From this study, four types of trend possibilities are determined: bearish, neutral-bearish, neutral, neutral-bullish, bullish. The method according to the invention starts from the short-term trend that must be neutral-bullish or bullish. In that case the value is selectable under this filter. If a short-term trend is found, the long-term trend is sought.
A partir de la definición de una lista de valores seleccionables, éstos se ordenan por criterio "sharpe" y se muestran tantos valores como existan hasta alcanzar el número de valores en los que diversificar obtenido como resultado a las preguntas del cuestionario.From the definition of a list of selectable values, these are sorted by "sharpe" criteria and as many values are displayed as they exist until the number of values in which to diversify obtained as a result to the questionnaire questions is reached.
El criterio sharpe tiene en cuenta la rentabilidad potencial y la volatilidad anual:The sharpe criterion takes into account potential profitability and annual volatility:
(RP - Rentabilidad activos sin riesgo) / Volatilidad anual Tal como se ha indicado, una característica del método según la invención es la inclusión en la recomendación ofrecida al usuario tras contestación al cuestionario de una información acerca del importe óptimo que debe alcanzar un valor para proceder a su adquisición, así como para realizar su venta, cuyo último aspecto el método implementa de forma automática.(RP - Profitability without risk assets) / Annual volatility As indicated, a characteristic of the method according to the invention is the inclusion in the recommendation offered to the user after answering the questionnaire of information about the optimal amount that should reach a value for proceed to its acquisition, as well as to make its sale, whose last aspect the method implements automatically.
Dicha recomendación de comprar o esperar, se calcula a partir del dato de soporte primario.Said recommendation to buy or wait is calculated from the primary support data.
Para cada valor seleccionado y mostrado como recomendación se efectúa el siguiente cálculo para determinar el límite máximo de compra: (Precio soporte primario - 2%) * (1+ límite de pérdidas del inversor) = PM ó precio máximo compra.For each value selected and shown as a recommendation, the following calculation is made to determine the maximum purchase limit: (Primary support price - 2%) * (1+ investor loss limit) = PM or maximum purchase price.
Para aquellos valores recomendados cuyo precio de cotización dista más del precio máximo de compra se establece como recomendación: "esperar a precio máximo". Para aquellos valores que se encuentren cotizando entre los límites del precio máximo y el precio de soporte primario, la recomendación será comprar al precio que exista ese momento. Si el valor durante la sesión perfora de forma momentánea el nivel de soporte, quedará excluido de la lista de recomendables, durante el tiempo que esté por debajo. For those recommended values whose quotation price is more than the maximum purchase price is established as a recommendation: "wait at maximum price". For those values that are quoting between the limits of the maximum price and the price of primary support, the recommendation will be to buy at the price that exists at that time. If the value during the session momentarily pierces the support level, it will be excluded from the list of recommended, for as long as it is below.
Claims
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| PCT/ES2001/000267 WO2003005254A1 (en) | 2001-07-05 | 2001-07-05 | Computer-assisted method for real-time consultation in relation to the acquisition of financial assets and for the automatic management of the sale thereof |
Applications Claiming Priority (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| PCT/ES2001/000267 WO2003005254A1 (en) | 2001-07-05 | 2001-07-05 | Computer-assisted method for real-time consultation in relation to the acquisition of financial assets and for the automatic management of the sale thereof |
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| WO2003005254A1 true WO2003005254A1 (en) | 2003-01-16 |
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| Application Number | Title | Priority Date | Filing Date |
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| PCT/ES2001/000267 Ceased WO2003005254A1 (en) | 2001-07-05 | 2001-07-05 | Computer-assisted method for real-time consultation in relation to the acquisition of financial assets and for the automatic management of the sale thereof |
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| WO (1) | WO2003005254A1 (en) |
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| US6018722A (en) * | 1994-04-18 | 2000-01-25 | Aexpert Advisory, Inc. | S.E.C. registered individual account investment advisor expert system |
| WO2001008073A1 (en) * | 1999-07-23 | 2001-02-01 | Netfolio, Inc. | System and method for selecting and purchasing stocks via a global computer network |
| WO2001022341A1 (en) * | 1999-09-23 | 2001-03-29 | Electronic Market Center, Inc. | Method for making financial investments |
| WO2001027844A1 (en) * | 1999-10-13 | 2001-04-19 | American Century Services Corp. | Investment analysis and management system for generating financial advice |
| WO2001043037A1 (en) * | 1999-12-13 | 2001-06-14 | Optimizeusa.Com | Automated investment advisory software and method |
| WO2001042884A2 (en) * | 1999-12-10 | 2001-06-14 | Finkelman Richard C | Method and apparatus for generating and providing to investors buy, sell and hold signals based on tax related factors and individual preferences via a computer network |
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- 2001-07-05 WO PCT/ES2001/000267 patent/WO2003005254A1/en not_active Ceased
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| Publication number | Priority date | Publication date | Assignee | Title |
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| US6018722A (en) * | 1994-04-18 | 2000-01-25 | Aexpert Advisory, Inc. | S.E.C. registered individual account investment advisor expert system |
| WO2001008073A1 (en) * | 1999-07-23 | 2001-02-01 | Netfolio, Inc. | System and method for selecting and purchasing stocks via a global computer network |
| WO2001022341A1 (en) * | 1999-09-23 | 2001-03-29 | Electronic Market Center, Inc. | Method for making financial investments |
| WO2001027844A1 (en) * | 1999-10-13 | 2001-04-19 | American Century Services Corp. | Investment analysis and management system for generating financial advice |
| WO2001042884A2 (en) * | 1999-12-10 | 2001-06-14 | Finkelman Richard C | Method and apparatus for generating and providing to investors buy, sell and hold signals based on tax related factors and individual preferences via a computer network |
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