Wanna invest like Buffett? There's an app for thatApril 10, 2013: 11:23 AM ET
Who doesn't want to be a billionaire? A new app, aptly named iBillionaire, won't turn you into one. But it makes it easier for you to invest like one.
iBillionaire, which launched Wednesday, tracks what Warren Buffett, Carl Icahn, Bill Ackman and other financial titans are buying and selling.
Using SEC filings, the data are fed automatically into the app, though the iBillionaire team has a data analyst on staff who spot checks. The app also comes with a Google (GOOG) news feed that automatically updates news about the billionaires and the stocks they own.
Founders Raul Moreno and Alejandro Estrada created iBillionaire on a shoestring budget (just $100,000) to give individual investors easy access to strategies used by 10 of the most well-known billionaires in the world.
"Our users will be among the first to know" when these billionaires make changes to their portfolios, Moreno told CNNMoney.
How it works: Opening iBillionaire brings you to a screen that lists the billionaires by name, net worth and reputation.
Click on any name and you get taken straight to their portfolio holdings. For example, clicking on Buffett brings you to a screen that lists his stock investments by name and ticker, along with how much of his portfolio is dedicated to each holding. You can also easily see what he paid for each holding and how it's fared since he bought it. And you can easily track how his portfolio stacks up against the broader market.
There are bar charts that show quarterly changes to holdings and pie charts showing how each portfolio is allocated. And investors can enter in their own portfolios to see how they fare against the big guys. Eventually, Estrada said iBillionaire hopes to partner with brokerages so users can sync their portfolios directly with the app.
iBillionaire also sends out individual alerts that show how a user's portfolio stacks up against those of the billionaires.
The app is only available on Apple's (AAPL) iPhone for now but Moreno and Estrada say they're working on an Android version, which could debut as early as mid-May. Other enhancements, including 10 more billionaires, are due out by the end of April.
Currently the app only tracks data back to 2009 but the next version will go back to 2002. There's a free preview of the app. The full version costs $4.99.