Today, we're excited to share the story of our first OpenBB Champion, Derek Cheung, a passionate investor who has found immense value in OpenBB.
From his background in technology and management to his transformative journey as an investor, Derek has discovered the power of OpenBB Terminal in his long-term investment approach. In this blog post, we delve into Derek's experience with OpenBB and how our products have become an indispensable tool for his financial analysis.
Finding a Passion for Investing
Derek's journey into the world of investing began a few years ago when he transitioned from being a passive index investor to becoming a more active, long-term investor. Seeking Alpha, a popular investment research platform, caught his attention, offering insightful articles about companies and their operations. Inspired by his desire to truly understand and become an owner of the companies he invested in, Derek embarked on a path of thorough due diligence and analysis.
Discovering the OpenBB Terminal
Fate played its part in introducing Derek to the OpenBB Terminal. While taking the "Getting Started with Python for Quant Finance" course by Jason, the mastermind behind PyQuantNews, he learned about OpenBB and its potential to revolutionize due diligence in the financial industry. The concept of automating and streamlining the due diligence process resonated with Derek, as he was in search of a comprehensive, systematic, and repeatable approach to analyzing investments. The OpenBB Terminal stood out as the missing piece, providing a powerful open-source platform that seamlessly integrates various data sources and functionalities.
I want to be comprehensive, systematic, and be able to do this in a way that is repeatable. OpenBB allows me to write a python script, run it, and access a wealth of data sources.
Digging into open source
Once Derek found the open-source project, he wanted to gain a better understanding of how it worked under the hood, which was possible due to the open source nature of OpenBB. He was amazed by the complexity he observed. It wasn't just about integrating data sources, but also the innovative methods employed by the platform to extract information and generate insights.
I have some coding background, but I don't have the depth of coding background to be able to code that. So OpenBB is lowering the barrier of access and raising the bar in terms of what I can do as an investor.
Unlocking Unprecedented Insights
The OpenBB Terminal not only simplified Derek's due diligence process but also provided him with previously unknown insights and data. As a result, Derek's experience with the OpenBB Terminal made him a better investor. The platform's wide range of information sources, such as sentiment analysis and government trading data, exposed Derek to a wealth of knowledge that he had been unaware of. For instance, Derek discovered the put-to-call ratio, a valuable sentiment indicator, which was not readily available on other platforms he had previously used.
For instance, OpenBB Terminal offers sentiment analysis and correlation analysis, providing a comprehensive view of how prices and companies are related. It helps me make informed decisions and avoid overbuying correlated assets. The platform exposes me to valuable information that is hard to find elsewhere.
Simplifying Workflows and Expanding Possibilities
Derek emphasizes the importance of the OpenBB Terminal in simplifying his workflows and broadening the scope of possibilities in his financial analysis. He was impressed by the streamlined key management process in the OpenBB Hub, which allows him to effectively manage his investments.
However, it was the OpenBB SDK that truly caught Derek's attention. It allowed him to explore financial data in greater depth and connect it with emerging technologies such as LLMs (Language Models). The use of Python, the preferred AI language, made it even more accessible for him to interact with these cutting-edge technologies.
Derek has built his own integration of AutoGPT and OpenBB SDK and open source the project here.
The Power of OpenBB SDK
For Derek, the OpenBB SDK became an invaluable asset in his investment journey. He was impressed by how effortlessly he could write Python scripts and access a wide range of data sources. The capability to automate comparative analysis and extract vital information that would otherwise be challenging to obtain greatly appealed to Derek. With the OpenBB SDK, Derek could personalize his analysis and leverage the capabilities of LLMs like GPT-3.5 from OpenAI, thus enhancing his decision-making process.
Original tweet can be found here.
Powerful Features and Limitless Potential
Derek shares a personal experience in which a fellow member of the OpenBB community shared a crypto plug-in they had developed. The simplicity and effectiveness of just a few lines of code fascinated Derek, demonstrating the vast capabilities of the OpenBB SDK. Derek recognizes the extensive range and depth of the APIs, including comparative analysis and screeners, which assist him in making thorough and knowledgeable investment decisions. By incorporating emerging technologies like large language models, the OpenBB Terminal remains at the forefront of innovation in the financial industry.
Original tweet can be found here.
Analysts with Superpowers
Looking ahead, Derek emphasizes the significance of analysts embracing AI tools like OpenBB. He firmly believes that analysts who effectively leverage AI will outpace those who do not. With its rapid pace of innovation, including the integration of large language models and qualitative data analysis, OpenBB positions itself ahead of its competitors.
Derek envisions analysts attending earnings calls and using AI to summarize and extract insights, thereby enhancing their critical thinking capabilities. OpenBB's AI-powered tools provides analysts with superpowers, enabling them to conduct more thorough research and make better-informed decisions based on a wealth of information.
Original tweet can be found here.
Conclusion
Derek's journey showcases the transformative impact of the OpenBB Terminal on his investment strategy. Transitioning from a passive index investor to an active owner and diligent analyst, OpenBB empowered Derek to make more informed decisions and explore new asset classes. The OpenBB SDK, with its extensive array of functionalities and seamless integration with AI technologies, became Derek's primary tool for conducting financial research and analysis.