The Ledger, every show

“So basically what we're trying to do is take the financial services that are delivered to the very wealthy through people called private wealth managers, automate those services and software so we can deliver it for account minimums of as low as 500 dollars, a…”

“We will purposely piss people off With what we do if it serves our core target audience.”

“None of their original ideas were the ideas on which they succeeded. So Apple, Google, you name the company, Salesforce, Hewlett Packard, none of them succeeded at their original idea, if you can believe that.”

“So even our closest competitor, which was pure software, has given it up, and they now have married advisors or planners to their software.”

“He's been an investor in my two venture capital firms. And when he heard about Wealthfront, he said, you know, I think this is the best way to manage assets other than perhaps the top 10 endowments in the world.”

“So that gives me faith that ultimately automated investment services are actually going to manage more assets than even ETFs.”

“So there is a tremendous amount of research that has been published that shows that even the experts can't pick stocks to outperform the market.”

“Dalbar, an organization, found that this behavior of buying when the market goes up and selling when it goes down costs the average investor about four percent annually.”

“Even though they had made Even on the order of one to five million dollars, they still couldn't afford access to the best investment products and services.”

“And the reason is that we're able to do things in software with regard to minimizing your taxes that Vanguard cannot. And the benefit of that tax minimization is worth at least six to eight times what we charge in fees.”

“And if you do tax loss harvesting just at year end, according to our research, that can add about .6% to your annual after tax return. But by looking for these losses daily, it can add, as I said, one and a half to two percent.”

“It's the first time a virality has been applied to the investment world.”

“All I know is that we still have sixty million dollars in the bank, so we've been a heck of a lot more efficient with our capital than any other player in our space, and that's something that we've been paying a lot of attention to.”

“Great example of that is Charles Schwab. They introduced a service last year that's the equivalent to what we introduced in It is in no way comparable on a net-of-fee, after-tax, risk-adjusted basis to what our service has evolved to today.”

“Interestingly, there are about, just about as many companies worth five billion today as there were worth five hundred million 20 years ago, which is why the premier venture capitalists are generating the same phenomenal returns today that they did 20 years ag…”

“And automated investment services, like Wealthfront, have been adopted at twice the rate that ETFs have.”

“And I found in my life that treating every negotiation that way works out 90% of the time.”

“Well, the way that we allocate assets or the way that we generate our investment mix is based on the same techniques that he uses. He has access to alternative assets, which we do not because you need to be an accredited investor to access that, but the same m…”

“Something on the order of 15%.”

“I don't know that number offhand, but I would imagine it's in excess of 70%.”

“Actually our largest while we're not targeting people of this size, our largest non-affiliated client has sixteen million with us.”