Brian Schardt
@brianschardt
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CEO & Co-Founder @joinautopilot_
Irvine, CA
Joined November 2009
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Pinned Tweet
Autopilot launched 1 year ago, in that time we hit
$2M+ ARR
500k+ downloads
#1
in the finance category
Charting in the top 50 for the last 2 months
The feeling... imposter syndrome
We're not experts but here's some things we've learned along the way
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mfs be bald and talking about “the fed is hiking too fast" my brother you are worried about the wrong recession
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No bear market in history has bottomed without the $VIX hitting 45+. What is scary about this recession is it has only hit 30 so far.
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We gave ChatGPT $50k of our money to see if it can beat hedgefunds
1500 people joined and now another $1 million+ is copying ChatGPT via Autopilot
So lets have some fun here
No clue how it'll do, but will be fun to do it with everyone
More details on "The ChatGPT Challenge"👇
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Literally most real-estate agents will tell you now is the time to buy
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Vanguard is the majority shareholder in BlackRock
and State Street... Together the AUM totals $23 Trillion.
Should I write a thread on this finance Mafia?
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She’s a 10, but she doesn’t know who Michael Burry is.
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BREAKING:
The FED has OFFICIALLY pivoted
increased their balance sheet by another $100 billion, bringing total to $400 billion in the last 2 weeks. (QE)
Simultaneously, increasing rates by .25% (QT)
What is the Net Effect? QE or QT?
👇👇👇
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The last few days have been surreal. Hit the top 15 apps in the App Store. In less than 24 hours added $200k+ ARR. It’s been difficult running a startup in this environment and having my father pass recently. I don’t have all the answers but this is how we did it.
A THREAD
1/6
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@johnny_overland
@PelosiTracker_
I have an invite code to an app that lets you copy her if you want it
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We are hiring @ Autopilot
It has been a wild ride getting to 100k users and $1M+ ARR. Our team is working crazy hours to build the quality of product people love.
If a rapidly growing start-up with interesting engineering problems appeals to you please apply 👇👇👇
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First, how do you get ChatGPT to act as a financial expert?
Solution: we have to jailbreak ChatGPT so it can analyze news articles on stocks.
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It seems there is disproportionate persecution for mistakes at the individual level yet no accountability for major institutional crimes. The greatest crimes in the world are not at the individual level but at an institution level. How do we fix this?
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"The ChatGPT Challenge" begins Monday, first trades will execute then
No clue how it'll do, but it will be cool to have everyone alongside
Follow
@chatgpttrader
for more
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Second, how do you get Chat GPT to analyze real time data since it is only trained on data in 2021?
Solution: We give it up-to-date macroeconomic information including GDP, Unemployment Rate, Inflation Rate, Interest Rates, Housing Market Indicators, etc.
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Third, How do you get it to analyze individual stocks?
Solution: We pull the most recent news articles for all the stocks listed that have a greater than $300 million market cap and analyze headlines
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They should invent a job where people give you 1% of their savings per year for 1 minute of work.
#wealthmanagement
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We created
@chatgpttrader
so you can follow along
Many of you have questions on how ChatGPT can pick stocks considering its limitations. This week we met with experts to solve these problems, including Wharton PHD / prof at U of Florida
@alejandroll10
Here's what we learned
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For those who don't want to miss the trades and an in-depth analysis on the trades
We created a newsletter to share more
Sign up below 🫡
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This is just an example we will give it more articles per stock and take the average score per ticker. To do this easily we will use API access for ChatGPT
After we analyze them we will take the top 20 companies' scores and buy those stocks and hold for ~3 days, then repeat
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2021 Life hack - follow Nancy Pelosi’s trades
2022 Life hack - follow Michael Burry’s trades
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Congrats sir!
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Since the markets go up and down, we do not feel like it would perform best if it can't benefit from negative sentiment
It will then be buying inverse ETFs in sectors that are analyzed to be doing poorly
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chatGPT is trading with $3 million. How soon until it reaches hedgefund status and needs to file 13F?
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Don’t ask “what do you do?” at parties
IMO also avoid "what's your story" and "so how do you know _"
Better options:
- what generational trauma did your parents give you?
- who did you vote for in the last election?
- Did you buy $NVDA stock last week following
@PelosiTracker_
?
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$24 trillion of treasuries, increased rates by .25% drops their value by ~$60 billion. (QT)
Increased balance sheet by ~$400 billion. (QE)
Total of 340 billion of Quantitative Easing.
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3. $0 Marketing Budget. Spending on marketing is a band-aid for a bad product and bad messaging. $0 marketing is important because it forces you to find out what resonates with users. Build the product with the one feature that resonates with your customers.
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What would be more beneficial for retail investors? Ban
@SpeakerPelosi
from trading stocks, or mandate politicians to report the same day and copy her.
Ban her completely
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Report same day 🤑🤑🤑
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These are the learnings from the last 2 years. Excited to grow this with my team.
@Chrisjjosephs
@aarongabriel58
@Scotty_Schardt
Shameless plug for Autopilot
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Michael Burry and Nancy Pelosi have their hair and bases all in tact. Copy trade these mfers
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The team behind Autopilot is next level. Just wait until people see what happens in the next 6 months.
Party time 🎉
$100,000,000
That's how much subscribers have invested through Autopilot
Who would have thought copying Politicians would have been so popular
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@Jason
Golden strategy - as house prices fall buy a house with high interest rate at low price, then Refinance when rates go back to 3%
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@gurgavin
Kanye west and Candice owens are good friends and Candice owens husband is CEO of Parler so this makes sense.
Kanye West is buying Parler.
Candace Owens and Kanye West are good friends, frequently spotted together sharing same political beliefs.
Candice Owens husband is current CEO of Parler.
Cc:
@RealCandaceO
@kanyewest
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You can short the housing market with the ETF $DRV. People on autopilot are up 60% on it. Link to preorder autopilot:
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Michael Burry Referencing these stocks:
$SNOW MKT 54B EBITDA -670M
$UBER MKT 52B EBITDA -1.4B
$SHOP MKT 34B EBITDA -146M
$SQ MKT 32B EBITDA -159M
$RIVN MKT 32B EBITDA -6B
Link and next 5 in thread
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This is equivalent to decreasing rates by ~1.5% in terms of liquidity.
How are others thinking about this? How do we play it?
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In order to build a new product focused on the one thing people found most valuable. This significantly disappointed team members, investors, and current users. I felt like the bad guy for a while. Focus is crucial, so disappointment is inevitable.
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Kanye West is buying Parler.
Candace Owens and Kanye West are good friends, frequently spotted together sharing same political beliefs.
Candice Owens husband is current CEO of Parler.
Cc:
@RealCandaceO
@kanyewest
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How is CashApp consistently the most downloaded finance app?
I don’t know anyone who uses CashApp.
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4 days in and
GPT beating the spy by .3%
And is trading with $8million
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4. Transitive Messaging. Derived from the transitive property of math. If A=B and B=C, then A=C. Make sure your product is so simple to talk about that everyone says the exact same thing about it. This is how you get viral word-of-mouth growth and clear product direction.
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Competitive Advantages of Startups in 2023
1. co-founder obsessed with distribution
2. working in person
3. a/b testing
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This is what makes Autopilot so wild.
BREAKING 🚨:
Michael Burry just shorted the market with $1.6B
Bought $890M of $SPY Puts
Bought $740M of $QQQ Puts
This now makes up 93% of his entire portfolio
Look out below.
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ChatGPT recommends $UBER over $LYFT based on the sentiment of recent news articles.
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5. Obsess over every customer. Every user gets my personal phone number to call or text me anytime. Waiting a day to schedule a call with a user is too long to get good feedback. You need to hear from them immediately when they run into a problem or have thoughts.
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@data_wins
Haha yea we haven’t released any official way to do this yet people already found out. People are wild.
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1. Focus. This was the hardest thing to do. It’s easy to appease investors and teammates by saying we are working on all these features. It’s really hard to say no. We canceled our app with 150k users that we spent the last year building
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6. Perfecting Product. Don’t grow too fast, until it's ready. We made this mistake with Iris and grew to 150k users, with low retention. It is more expensive to get users to come back than it is to get them in the first place.
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2. Reducing Burn. We shrunk our team to just the founders to expand the runway to 24+ months. Gave us time to test, optimize and not take panic shortcuts.
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People think focus means saying yes to the thing you've got to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that there are - Steve Jobs
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“people want oranges and people want lemons, but nobody wants a citrus”
This was key to our launch. We could have said
"Copy trade world-class investors" but we said
"Copy trade Nancy Pelosi"
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Every hour after their first impression their useful feedback decreases by 20%. You need to hear from them immediately. I have spent about 100 hours on phone calls with users during their first impression of the app. This was crucial.
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We reference the Amazon leadership principles at Autopilot. ChatGPT just wrote a poem describing them:
"Aight, here it comes, listen up real close,
I'm gonna drop the principles like I'm the host.
First up, homie, Customer Obsession,
Peeps always first, no room for question.
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Index funds are a sign of defeat. You lost control of your investments, so you bought some ETFs.
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Minimize chaos
Reduce the number of features in your product. Each new feature multiplies challenges and noise exponentially - straining design, engineering, and marketing resources
Startups are inherently chaotic, success lies in reducing chaos, not adding to it.
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I hope more places follow
Today, we’re excited to share an exciting milestone—not just for
@sweetgreen
for our entire industry. Starting 10/24, all of our protein, veggies and grains will be cooked in extra olive virgin oil at ALL SGs—a commitment that’s *never* been made by a restaurant at our scale.
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@nikitabier
@Chrisjjosephs
lets add this to Autopilot. Tax lost harvest the Pelosi portfolio...
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@Matt_A_Egan
@Jason
They ask why millennials live on their phones… we can’t afford to live anywhere else
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@Jason
@Azure
@googlecloud
@awscloud
@googlecloud
because of Cloud Run, dramatically simplifies deployment. They also are the IOS of cloud providers, while amazon is the Android. They are so simple and clean.
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Start grind was tough this year but hearing stories like this show its possible.
@joinbloomapp
@alineainvest_
@JoinAutopilot_
we have a lot to learn in fintech space, but we made something special happen in 2023 no doubt
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So happy our first A/B test was significant. It's like going to Vegas and winning on your first bet, now I'm addicted.
Don't know how we ever developed a product without them...
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@JonahLupton
Most people who feel different are people who have the MTHFR genetic mutation which makes it hard to absorb b12 in their diet. ~30% of the population.
I have it and feel a big difference every b12 shot.
If you don’t have that genetic mutation you probably won’t feel anything.
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Releasing an android app is equivalent to opening up a Michelin star restaurant in Compton
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Content Creators are the new FANG engineers
The once-coveted '10x talented engineers' are no longer the golden ticket for startups
In today's world cloud services & advanced frameworks are ubiquitous, the real game-changer is finding people who know how to grab attention
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So much more to do. Can’t wait.
@JoinAutopilot_
is one of the top finance apps in the App Store in its beta…
This will be one of the most talked about mobile apps 1 year from now 🤫
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Tips on how we mastered the game of telephone
for our startup
1/3 👇
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@gurgavin
Lol i run the
@chatgpttrader
algo, and Victoria's Secret $VSCO is on this list to short this week. It predicts it will go down ~3.5% in the next week...
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@raechellambert
@Jason
Love allulose. You can caramelize it just like regular sugar, all other low cal sugar doesn’t caramelize
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@dougboneparth
Imagine financial planners stopped wasting my time asking about my family and did their job and responding to the fed raising rates.
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The Fed has removed $30 billion from its balance sheet signifying they are not continuing quantitative easing.
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It’s sad the overall opinion is you can not make money in the stock market right now, like 0 hope. But this is not true. If the overall belief is the stock market is going down.
Here are the ETFs that do well by shorting:
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“It isn't the learning that's so hard. It's the unlearning.”
- Charlie Munger
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The Bible warns of wealth for 3 reasons
1. Gotten by cruel means(Injustice)
2. Would not want to share(Greed)
3. Independence from God(Pride)
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We literally have an ab test that is converting people to paid at 300% baseline. This is insane.
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