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Web 2.0 hits the Street

Has Wall Street finally shown an interest in Web 2.0? has invested in Stockpickr, a site run by columnist James Altucher. The site allows members to compare portfolios, IM and discuss investments with other members.

Wall Street going Web 2.0?

Stockpickr will provide daily portfolios, features and periodic videos to, and will integrate news feeds and other editorial features from into its platform.

Bloggers were intrigued by the idea, and several wondered whether it signaled a move from financial companies toward the Web 2.0 arena.

Blog community response:

"What makes the deal really interesting is there just hasn't been much to write about in the financial services community with respect to web 2.0. Perhaps the crater was too deep, the wounds too great from the drop in the NASDAQ, but there's been almost no noise out of this sector. Now, in the last few months, we're had news from SeekingAlpha, Zecco, Motley Fool and now Stockpickr. We've heard rumblings about other startups and new products in the space as well. The big brokerages have far bigger war chests than does TheStreet. This space could get hot in a hurry."

"Old media has a lot of money and is slow at rolling out new services, features and properties. Old, new media (Google, Yahoo! etc.) have even more money sitting around and do not want to let a new player become a MySpace (large enough to pose a threat, then sell to an old media company and become a threat), so they'll gladly buy them out sooner than later."

"Tom Clarke, Cramer's boss, is the man with a plan. Have you seen the stock? He is moving very quickly in the space and if this is a mistake, it is small. I think he gets the web and if CNBC is the competition, he could make 100 mistakes in a row - and WIN."
--Howard Lindzon