Customizing Your Trading Portfolio Strategy with ChatGPT
We interview Damian Scavo, founder of Streetbeat, on Customizing Your Trading Portfolio Strategy with ChatGPT.
Streetbeat is a platform that has integrated ChatGPT to provide you with the necessary assistance to develop your strategies and cater to your unique requirements.
Watch the whole interview:
Transcript:
Mariangela: Hi, Damian, how are you?
Damian: Hi, very well, thank you. You?
Mariangela: I'm very well as well. So we're live already on Facebook, Twitter, Youtube. We'll, we'll give it a few for people to join. I think there are already a few watching us.
Damian: Glad to be here with you.
Mariangela: Thank you. Thank you for joining. I'm glad we were able to set up a time and date for us to do this interview. I'm very excited and I'm very excited for you to show everyone about Streetbear and their new integration.
Damian: Thank you. We are very excited about this new functionality. We are the first in the world to deliver this to our customers. So very excited to share. It's so different that definitely share with many.
Mariangela: Yeah, it's very exciting. Ok, so let's give it a go. Hi, everyone. I'm Mariangela Martinez, Content Marketing Specialist for Alpaca. And today our guest is Damian Scavo, Founder of Streetbeat. So, I want to let everyone know that all views and opinions expressed by the guest speakers are solely their views and opinions and do not reflect or represent the views and opinions of Alpaca Securities, Alpaca Crypto and Alpaca DB. The guest speaker opinions are based on information they consider reliable and therefore Alpaca securities LLC, Alpaca Crypto LLC and Alpaca DB, do not wear its completeness accuracy and it should not be reliant upon as such. So yeah, Streetbeat is a platform that has integrated chat GPT to provide you with the necessary assistance to develop your strategies and cater to your unique requirements. But I'm going to give Damian the go so that he can tell us all about Streetbeat and about yourself.
Damian: Yes. Hi, everybody. So a little bit about my background, started to work in software house that develop a stock exchange and then I frequent trading software since 2001, was a great experience. I had over 180 customers paying order of $400,000 each. Back then, I was very, very young because I joined this company when I was very young and I always loved coding and I started coding when I was six. And in this company, I learned how the big player trade in the market and manual trading is something that everybody abandoned in the past, in the eighties and latest early nineties, everything now it's mostly algo trading and frequency trading.
And after that, I create my own trading room, it went very well. Then I did several non-profit project, moved to US, did a data company called sold to a US company. In the process, we learned also that hedge funds sell, buy tons of data to decide where to invest, satellite, credit card, GPS, app usage, you name it. And this give a lot of advantage when invested. And third, I met with many wealthy individual and they are all receive a lot of help when deciding where to invest from the private banks. And the goal of Streetbeat is now try to close this gap between these wealthy individuals that receive all this information and have access to all this technology and the people of the street. So Streetbeat wants to be a democratizer of technology and bring as much tech and data as possible to everybody.
Mariangela: Amazing. Thank you. So OK, and again, any topic talked about in this interview is not financial investment and or tax advice. We do encourage our listeners to seek individual advice. Alpaca and Streetbeat are not affiliates and neither are responsible for the liabilities of the others. So if the viewers have any questions, feel free to ask in the chat and we will try to answer them all. We want this to be very interactive. So let's jump into the questions. So what is Streetbeat about and what is the overall goal?
Damian: Yes, as I mentioned before in Streetbeat, we incorporated the data and technology that usually are accepted to quant hedge funds and which we served in the last few years. And we managed to bring it in a simple UI that everybody can use. The goal of Streetbeat is allowing people to invest like pros but with a very simple UI that everybody can use. In the past, the pro trader moved from manual trading to algo trading in and today's 90 plus percent, all high frequency trading and algo trading. And we expect the retail if given the same chance may have the same desire. So Streetbeati want to be one of these players that help people to move into the new technology because manual trading is we consider it Flintstone technology now.
Mariangela: Perfect. So you have built several startups. What made you want to jump into creating a trading app?
Damian: Yes. So during the pandemic, many friends were asking me where to invest the money. They were asking me access to the data that we had and it was very difficult to follow all of them. We had like 40-50 people reaching me to ask what the data was saying about, you know, the lockdowns and the pandemics. And during the day, I say to myself that it will be great if I manage to convince all this data provider and investors and a team of developers to build together something that can be used by everybody, not just by the top 30 hedge funds or the few multibillionaires or billionaires out there. And that was what inspired me and the early sign were amazing when we managed to put this all together. We had like 10,000 people on test flight. So many that Apple forced us to put the app in the store even if we were not ready and we have to build, you know, customer support and everything together with Alpaca that we chose as a partner. So Streetbeat chose Alpaca as a broker, which is one of the question that the audience is asking.
Mariangela: Yeah. Yeah, that's right. OK, so I've heard a lot about your team. So can you tell us about the team who's behind it?
Damian: Yeah. So I co-founded Tribute with my former CTO, the person that helped me in the previous company, we know each other for 10 years later. His name is Maciej Donajski.
And later, almost immediately after Lucas arrived, that was another former colleague of us, joined the team and Lucas was head of mobile at different company, including some public company like and then we hired a public trading company, COO Cameron Meierhoefer and he joined the team as a COO as well. And just recently, we hired the employee number 15 TikTok US, which is the person that was in charge of the relationship with the creators and the influencer in TikTok because we think that the future is community based. So in Streetbeat we want to build a strong community and we want to create a close relationship with our customers. That's why we have a Discord channel and why we add them customer support chat available to all the users with three other people. I hope they are listening. And the great team, international, we speak like already six language and we have users from US and Europe and a few other countries. And we create all this from day one. OK. So to listen closely to the customer, which is also the reason why we saw the opportunity to integrate with generative A I, we will talk about it in a second now.
Mariangela: OK. So yeah, I heard you know that you're very customer based, right? So why did you want to focus a lot in that to give the the priority to them?
Damian: Yeah. So at, at the end, the company has been made to for the customers, the customers at the moment a few months ago, had the opportunity to invest in several strategies related to stock and crypto. And we are very proud to say that the majority of our user end up last year with a green in the P&L which was challenging, considered that we can only go along and no leverage. And then that you know, it's really everyday investor, we don't have investors that are more savvy than others. But really the tools allows for our users to trade different. And but all the user, I mean, one of the biggest request is to have even more strategy to invest or being able to customize the strategies that we had based on their needs and their own belief. And that's when generative AI came to light because playing a lot with GPT 3, 3.5 and 4. Also we are playing with Lama and others.
We noticed that there was the possibility to actually deliver to market a product where users can create portfolios automatically managed by Streetbeat and their portfolios can be created based on prompts similar to the GPT prompts and the system will understand them and create them. Later on we will show a demo. We do not do if the condition or other sophisticated condition in the creation of this portfolio right now. But we do use as much data as we can to feed the the generative AI for what is possible today, there are a lot of limitations but they will be lifted in the next few months. We could end it. And then based on that, based on the user profile, then a strategy is created. We launched it just one week ago and user already created 400 strategies that I will never ever imagine. You know, and they were all created by them, by our early adopters, beta tester and then the general public now that we release the data.
Mariangela: Yeah, that's amazing. That's so cool. So how has Alpaca, how have we helped Streetbeat? And can you tell us about the features that you use with us?
Damian: Yes. So Alpaca was chose first of all for the international eye of the founders because the founder are, have a very big international footprint and international visions and that's very aligned with us. We think that even if in the US, we are ahead of the game in terms of personal finance, the world is still lagging a lot compared to United States. And so we wanted a partner that from day one was able to help us in expanding in outside the United States. So that was reason number one. Second is was very simple to integrate the APIs for algorithmic trading. And then third, because we feel that Alpaca really listened to our needs and was able to fix any problem that we had in the first few months. And so we are very happy with this.
In the future, we would like to have the possibility to offer our user the possibility to have a personal crypto portfolio allows them to do some service related to the portfolio. And then I hope one day the regulators let me offer a pro avis on crypto. But you know, the regulation is still early on that. We have a very important and strong compliance team and we are always going back and forth with the SEC to understand what we can offer and what is still too great to offer to our users. So in the future, we are really, really at the edge of everything. And so in the future, as soon as it will be possible, we would like to offer this type of service also to the crypto community.
Mariangela: OK, perfect. There's a few questions about Chat GPT, but let me ask some questions and then once we get to Chat GPT, we'll, we'll answer those. So tell us about the new Chat GPT4 integration. How does it work in creating investment strategies?
Damian: Yeah. So playing with the various LLM, we started to notice that in particular, the Chat GPT4 was very good in understanding the composition of portfolios and understanding what's behind the ETF s and what's behind how they a stock is related to a particular industry or a particular definition. And so we saw the opportunity we need to start to create portfolios automatically connecting data from us. The user is profile, the universe of stock and the ETFs that the user can, can realize.
So what happened is that with a simple prompt, now you can ask Streetbeat: what's the best strategy for the current macroeconomic conditions? And he will create a portfolio of stock based on the current macroeconomic condition or more sophisticated question like, “I would like to invest in commodities like gold, palladium and silver and platinum.” Or, “and avoid petrol and gas.” And he will create a portfolio that will respond to that need or even we can go even more sophisticated and we can ask, OK, “I want to invest in high yield dividend stocks but only the one that have been profitable for a certain amount of times. And I want to focus on the one that I have shorter, a smaller volatility and so on.” So the prompt can be like 700 words right now. It's 700 characters right now. And the rest is used by us to enrich the query. And then we start, we combine the prompts with the user data, the current market condition, macroeconomic data and in the future it will be possible because right now there are a lot of limitation answering to Thiagothat is putting some questions.
At the moment, it's really difficult to feed the Chat GPT4, the APIs are not really available to the industry as you know, the three like Da Vinci and other are not as good as the 3.5 and 4. And so we are really waiting to really feed the system with as much data. We have tons of data, billions of data points that we require retraining a machine learning or in any case, some way we can't do that right now, but we are ready for when that will be possible. And but already with the, what is possible if you experiment in Streetbeat, Streetbeat you can download it from the store in the United States and Europe, you can see what's already possible today life. And the next step that we do is we then collect all the data about those portfolios and strategies that the user created. And it's possible to and we create a back testing on the flag about that strategy. So you can see the sharpe ratio, you can see the analyzed returns for that particular strategy. Of course, past returns are not guarantee of future returns. Always think about deploying and your new strategy.
And but yeah, we see a great engagement and a lot of excitement from the community. We have already some influencer and creator talking about it. And we are very excited and this is just day one, we really launched it just one week ago. We cannot even imagine what will be possible in three years. Before, if I go to my private banker and I ask a strategy to invest in gold and crypto avoid paladium putting some parameter there. First, I don't even know if he will be able to come up with that decent answer. And even if he will need to the back testing, it will require them to go to the big organization, run stuff, create it, then deploy it to me. It will take hours or day and you need to be multimillionaire to have access to those type of people. What I see is that Chat GPT4 integrated with us is already able to create the strategy in a minute, minute and a half. And they, in my opinion, are much, it's definitely faster but in sometimes are more articulate than what a private banker will give to you. So you keep in mind much more variables that a private banker will have access to.
Mariangela: Awesome. So I think you did mention a few you know, risks but if you could emphasize them, any limitations or risks associated with using AI chatbots for investment strategies.
Damian: Yes. So at the moment, the first to limit the risk, we only allow people to go long. We don't do margin trading or leverage trading, to answer we don't do high frequency trading at the moment and we avoid options. OK. So it's really the day one, it's one week. So really from a prompt to a portfolio that is automatic managed by a robot advisor, I mean, six months ago, this will be a Star trek conversation will not be possible. So in the future, we want to enrich it, of course, and give the possibility for example, to the pros, based on risk profile, all the strategy are calibrated based on the risk profile of the user. And we also have checking in place to track to avoid return wrong elsewhere or elsewhere that are not coherent with the prompt. And we do back and forwards between the LLM and our system until the result doesn't pass several thresholds that they need to meet. And in the future, we plan to add more capabilities, for example, margin or options to the risk profile that allow it. And then at the end, it will always be a strategy built by the user. He will be able to edit it, he will be able to change it. Next week he will be able to share it to other users but also outside Streetbeat. So people you can start to share.
I saw some very cool queries made by people that put some very good strategies and the people will be able to create them and share it with anybody they want and Streetbeat only costs fixed a month per month, $9 in the premium version per month. So it's not that, $10 sorry, $10 the premium version. $8 if you pay the year in advance, $8 per month. And that's what we focus. We have also some management fee of 0.1%. If you want to run the strategy to Streetbeat and Streetbeat will manage it automatically. We rebalance it every week. Not only that, we will also notify you if there is something, a macroeconomic change, so that some asset in your portfolio should be rethink. It will suggest you or microeconomic in your portfolio. If something happened to your portfolio, it will suggest you to remove or adapt it to the market condition. And yes, I think if you want, we can show the video demo and maybe we can keep the audio on on the video so we can so I will mute myself and see this should be less than two minutes short demo of Streetbeat and then we can take it from there.
Mariangela: Yeah, perfect.
Demo:
“
Welcome to the Street Beat demo. The Street Beat app allows you to invest like a hedge fund pro and also customize your strategies using artificial intelligence. Let's explore how it works. Streetbeat is an intuitive and powerful app designed to help you create, analyze and invest in personalized trading strategies. You can choose a professionally curated investment strategy managed by Streetbeat or create your own strategy. This is an example of the home screen, everything you need is at your fingertips and the app does all the heavy lifting for you. Let's start by creating a custom strategy. Thanks to the integration with Chat GPT4, you can leverage artificial intelligence to create your own unique strategy. Streetbeat analyzes your request and creates a suitable strategy based on your requirements and risk profile, selecting the best stocks and ETFs. Once the strategy is created, Streetbeat presents you with a sample analysis of backdated results. You'll have access to important metrics such as the sharpe ratio and the historic P&L to evaluate past performance before investing in your new strategy. Streetbeat displays all the important information to help you make the most informed decisions. Streetbeat doesn't stop there. The app automatically rebalances the positions of the suggested stocks and ETFs every week. And in case of significant macroeconomic changes, it suggests making adjustments to your strategy. We do the research so you don't have to. Streetbeat updates your strategy and keeps you informed every step of the way. Do you prefer to invest in stocks manually? No problem. Streetbeat also allows you to buy and sell stocks directly from the app. There you go, you've just invested in stocks manually with Streetbeat. All your individual investments and strategies can be easily tracked in one place. This is just a quick highlight of the data driven investment capabilities of Streetbeat. We put the power of Wall Street in your hands.
“
Mariangela: Perfect. I think you're muted. So I do wanna say that there is no guarantee that any investment strategy will achieve its objectives. Investing and investment strategies do involve risk, including loss of value and the loss of principal. So please consider your objectives before investing.
Damian: Thank you, Mariangela. And I see some extra question. I want to answer Andres. Andres is asking about the hedge fund quant trading with the centralized finance. So we did some experiment last year about that, we scanned the ecosystem for assets that were connected to our thesis. For example, last year we saw the bear market in crypto. So the only thing that the system was looking for was stablecoin and then only one stablecoin actually passed the due diligence that we needed. And so only one decentralized financial project actually passed our filter that was sped up. And that was the only thing that we decided to offer last year and was all automatic, was integrated with Streetbeat, so Streetbeat was able to buy directly, Streetbeat users were able to buy directly from the app but yeah, it's possible in the future to use this approach at scale.
The problem is the regulation having in the same app to crypto and stock is complex being a robot visor in stock and doing, you know, robot visor in crypto. we don't know yet. So that's something that we are talking with the regulators and when that will be possible, we will move forward of course.
Mariangela: Perfect. I think Tarek in LinkedIn wants the secret sauce a little bit. So he's asking if you could give us some insight into the trading algorithm without giving away too much of the secret sauce. How are you retrofitting to such a large quantity of varying strategies?
Damian: So there are in the quant world, there are many trading strategies that are based on data, ok. Big hedge funds have many quant trading desk. Each trading desk use different data set, different approach and different methodologies. Some of them require a lot of data. So and a lot of money, so to operate and to run, some are cheaper, so some strategies that are known are not implemented by a big hedge funds because they can deploy, you know, some alpha billion AUM which is OK for the audience of Streetbeat but not OK for the big hedge funds. So what we did in Streetbeat, we went for those strategies, the strategy that can deploy AUM and let's say a billion. And we focused on them because they required less data and were less expensive to start with.
One of the strategy, for example, is tet earning call strategy, the strategy use several data set to predict if a company will beat or miss the market expectation, not the guidelines, the guidelines, they almost always beat the guidelines, but the market expectation for the dividends, okay. And we are able to do that with a significant accuracy. I don't know the latest number of the last week, but we are always above 80% on able to measure the possibility that a company beat the dividend expectation on that. Based on that automatically, the system will allows the user to enter into position before and after, okay. They called we trade only during auctions to avoid to pay the spread. And so some of the bigger issues that you will have if you trade, you know, for 10,000 customer the same set of stock that day. And that is just an example.
The bond strategy was created looking at the implied implied the curve of that the mark in the bones curve that the market was pricing for the fed increase is something that people from the industry know very well. But retail investor doesn't even know that there is a implied the fed interest rate prediction in the current bond price because if there was disagreement, then the price of the bond are 1 2 3 4 5 years, 10 years, 30 years will be different, right? So we released the bond strategy, for example, only on December 15th, when we knew that the bond, the fed will rise for the last time on the 14, the interest rate to 50, okay. So that's some of the, some of the data example that we do. So these are strategies that you can find in Streetbeat and then we are trying to feed the LLMs with as much data as we can as we speak actually, we are doing a lot of experiments today. But yeah, I think in the future, this type of generative AI in combination with big data and the more user the more people in Streetbeat, the more data we can afford the better the system and the output.
So that's I think it's not even the future, it's the present it is today. So instead you just go and buy first Republic Bank, if you this is that first Republic Bank will bounce back because of the because regional bank will bounce back, you can ask Steetbeat to create you a strategic strategy portfolio based on your assumption, which is, I don't know, we think that the regional bank will bounce back, can you create me a strategy based on that? And he will, he will for you and we'll do that in a minute and a half and then Streetbeat will provide you Sharpe ratio and returns for that strategy on the fly on the spot. It will take total of one minute and a half to verify your thesis, of course, if you do that, you're gonna see that the stock was down like I don’t know, 30% on average last month. So you can, if you believe that that's the idea, this is an example, OK? You can buy that dip or you know, if you think commodities will be important because the market is stability, then you can create that in on the fly strategy to do that.
Mariangela: Perfect. So how do you ensure that your clients understand the investment strategies recommended by the new AI integration?
Damian: So we also use generative AI to describe the strategy apart a video tutorial that we are adding to the app and a set of description before and after. You welcome Tarek, thank you for the question actually. And apart that we come up also with a description of the strategies for each strategy that the user is creating. And let's be clear, it's not that this strategy come from a shelf and we just choose it. No, the strategy are invented on the spot based on the user prompt, the user risk profile, the current macro market condition, the macroeconomics, the universal stock that the user can access and as much data we can feed which at the moment is very limited. But we know that this will change in this year. So each strategy then generate a description that is unique for him, for that, for her, that particular user. And then we can't wait to have the opportunity for people to share them.
I want to give two example. People are asking a lot of very serious questions. And you know, I'd give some example today, but they are also asking funny things. For example, we had a couple of user asking, more than one actually, asking a strategy that work in case of friendly alien invasion or non friendly invasion. And the system will tell you like, yeah, in this case with this will be the stocks that should benefit these others will benefit in this other case. And some of them put very funny prompts which I will mention only one that I really, I really like it that was something along the lines, “I want a strategy so good that my cat will finally respect me.” And actually he created that decent strategy for long term investing in that case. Yeah, we have seen you have no idea how many, so and we are using them also to improve the system and train it. And you know, now we are first mover. We also wrote a couple of patterns so our community is protected from useless copycats that will bring lower quality products to the market. And we're using actually everything that we are having to improve the system and make it better every day.
Mariangela: Thank you. Thank you for that. We do have another question from Thiago. What about using deep reinforcement learning to treat trading environment as a video game, enabling AI to generate strategies not GPT and use indicators like Ichimoku for supervised learning.
Damian: So in the past, we did, we actually started from deep learning in 2016-17 to do experiments back then. And there was something that was coming out of those models. The innovation that we want to bring now to the market is not as much as predicting the future, OK, which is as you know, extremely challenging in. When I was in high frequency trading, our money was coming from the ability to predict about one millisecond in advance, I mean, not one millisecond in advance, it was one millisecond faster the fair market value of options or covered warrant, in my case, that were traded publicly.
So if the underline will change, then the covered warrant if was not updated promptly, we will be able to buy and sell it. So if you were able already to do that, we, I mean, we were able to do a lot of money, a lot of volumes, but with the right tools and the right commission set, we were able to make a lot of money just by one millisecond. Today, we are a sub millisecond on the ability to predict this. Now to predict macro trends is challenging. So our folks are in now casting at the moment. So the ability to measure the present, which is at the moment our focus. So from one side now casting the other side is trying to give as much as possible flexibility to the user. But in a tool that the majority of the people can use. Because if I give you an Excel with a bunch of functions that you can call to build algo trading strategy, then we are back to that 2% or less of the population that are able to do that, you know. Thank you. Thank you for the question. By the way.
Mariangela: Thanks. Another question from Maciar, is it possible for users to specify algorithmic strategies, for example, based on price gain and volume and stop loss scenarios?
Damian: Thank you for the question. Not yet. For a simple reason that is very early days. I do see a lot of people asking for that. So it's definitely something that we will gonna consider as soon as the technology allow it. At the moment the next step for us will be using portfolio theories suggest portfolio rebalancing based on all the strategy that you create based on your personal portfolio. So portfolio rebalancing based on market movement or your need to be hedged against a specific risk. OK. So that will be the next step for Streetbeat. But later on, yeah, some first basic algorithmic a when this then that and then in the future a little bit more complex, but we need to go gradually because this can get out of control very quickly.
And remember we have dozens of thousands of customers already using it, so we need to make sure that everybody have as much risk control as possible. We are doing this because the majority of the people that trade manually is less successful than the majority of the billionaires that use all this technology. So we are trying to, you know, close that gap. If we give too many risky tool like leverage option trading on to everybody, the risk is that you end up in a situation like Robinhood where the user lost based on the earning call from last year, 62% of the month based on Robin Compound. And so we want to avoid that in Streetbeat, actually we want you guys make money. So we try to give you the best tool so you can.
Mariangela: Perfect. Thanks. Thank you for that answer. OK, so the last question, we ask this to all of our guests, is what do you know now that you wish you knew when you first started out? So this company because I know you built a few.
Damian: Yeah. So when I had the original intuition on Streetbeat, I wanted to bring a lot of tools to everybody. So I started with very complicated tools. So we have like a matrix, a dashboard with all our data so people can go there and pick the data to use the structure. But then we discovered that out of the, our customers were not able to distinguish the difference between a revenue prediction and the stock price. OK. So two jobs. So we realized that the tools to be really democratic need to be accessible to everybody. And so we make the product a much more simple than we originally thought. And at the beginning, we started with, we were a bit scared of offering to go too big. And but in retrospective, I wish I was even more brave and I started this vision that is current vision of Streetbeat sooner than I than I started. I thought that nobody will give me the data. I thought that nobody will use this data for trading, et cetera. Turn out it's not true. The especially after the Wall Street Bet that popularization of stock et cetera. Many people wanted to help and thanks to them now Streetbeat is possible. But also many people wanted to trade better, invest better, you know. So that's when the demand for products like Streetbeat started.
Mariangela: Amazing. Thank you so much. Actually, we've already had, on the last interview we had, they had the same answer. So it's shocking a little bit. So anyone who's watching that wants to start something you should start.
Damian: Fantastic.
Mariangela: Yeah. So where can they find you? Where can they find Streetbeat? How can they know more about, you know, anything that's coming out new?
Damian: Yeah. So Streetbeat is in both in the Apple and Android store in US and Europe and a few more countries, a total of 40, we hope to reach more countries in the future and it's written on a lot and then there is a simple monthly fee that you can pay to use it. And we have a very active community on Discord but you can also reach us direct through the customer support chat. And we welcome all the needs and all the feedback and the improvements that you would like to see in the platform. And I would like also to thank Rosanne Luth for connecting. So, and I see guys, you are doing queries right now. Congrats somebody, somebody is as we speak, creating very cool strategies, green energy, good choice, good choice, high yield stocks. Yeah, the combination of both can be interesting.
Mariangela: That's great. That's amazing. Great to know. Damian, thank you so much for joining us, for giving us the time and showing us the demo and explaining how everything works and for answering the questions.
Damian: Thanks to you for having us and best of my wishes to everybody. This will be an incredible year with this new wave of AIs that are really changing the way in which we invest and not only we invest, so glad to be here with our community to improve and grow together.
Mariangela: Yeah, perfect. Thank you so much. Thanks everyone for watching.
Damian: Bye, bye.
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