Larry Shumbres – Invest in What You Know and Is Regulated

<p><strong>BIO: </strong>As an accomplished entrepreneur and respected leader in the fintech industry, Larry Shumbres’s mission is to continuously enhance the investing experience for both advisers and investors through innovative technology.</p><p><strong>STORY:</strong> Larry tried to create a hedge fund, 50% tied to digital gold and 50% tied to the top five cryptocurrencies but faced so many setbacks in the process. He spent too much time and money on this venture, which never paid off.</p><p><strong>LEARNING:</strong> Don’t try to build an investment product around an unregulated industry. Don’t invest in what you don’t know.</p><p>&nbsp;</p><blockquote class="ql-align-center"><strong>“If you don’t know anything about private equity, derivatives, or options, don’t do it. First, learn how it works and then look to invest in it.”</strong></blockquote><blockquote class="ql-align-center">Larry Shumbres</blockquote><p>&nbsp;</p><h2>Guest profile</h2><p>As an accomplished entrepreneur and respected leader in the fintech industry, <a href="https://www.linkedin.com/in/larryshumbres/" rel="noopener noreferrer" target="_blank"><strong>Larry Shumbres</strong></a>’s mission is to continuously enhance the investing experience for both advisers and investors through innovative technology. He is recognized as an industry expert and has over 20 years of fintech experience with companies such as Charles Schwab, Morningstar, and New York Life Investments.</p><p>Most recently, Larry founded, built, and exited Totum Risk, a leading risk tolerance platform for the financial industry, through its acquisition by TIFIN. Before Totum, Larry built SmartVision by eVestment, which was later acquired by Nasdaq. He also led the sales team at eMoney before its acquisition by Fidelity.</p><h2>Worst investment ever</h2><p>In 2017, Larry had the idea of building a hedge fund, 50% tied to digital gold and 50% to the top five cryptocurrencies based on market cap. He put a lot of time and money into it. Larry had another business partner that wa