OpenBB is Not Uncertain

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Didier Lopes‘ tattoo isn’t the first thing you notice, but it’s not something you forget.

Didier inked the name and logo of his startup, OpenBB, on his right arm just below the words: “I am not uncertain.”

It’s a commitment to the financial analysis platform he launched during the pandemic soon after graduating from Imperial College with an engineering degree.

Didier wrote the initial code after a Covid-canceled flight during Christmas stranded him in the UK for a week in 2020.

I first connected with Didier last year when he posted a tweet that I thought was absurd. He claimed OpenBB had built an open-source version of BloombergGPT. I sent him a direct message offering to enlighten him.

Instead, he countered with a demo that convinced me that he had something special: an open-sourced platform that provided investors with both structure and more flexibility to analyze the markets.

I’m simplifying, but the debate over open and closed systems on Wall Street is never ending and a similar to the one for the operating systems developed by Apple (closed) and Android (open).

There are advantages to both, but Didier and others argue open source is better suited to the emerging world of alternative data and Generative AI.

Specifically, as data sets proliferate it’s faster, easier and cheaper to onboard and pay for the data you need. The real magic is applying AI to any data set you want, not just those already on a platform.

OpenBB announced earlier this week the creation of a “copilot” that leverages Generative AI to interact with data available in the OpenBB Terminal Pro. It’s something the big players do not yet offer.

I was struck by Didier’s achievement in part because he has never worked in finance, nor used any of the large platforms like Bloomberg, Factset or Eikon.

How could he possibly know what to build?

To learn what finance pros expected and needed he relied on a classic Gen Z hack: watching YouTube videos of client and user-generated demos.

OpenBB has attracted $8.9 million in VC funding from some heavy hitters, including two of the biggest names in tech: Naval Ravikant and Elad Gil.

Along with the investment came some marketing advice and a change from the original name, which was “Gamestonk Terminal.”

The name OpenBB is an homage to the ticker for Blackberry, a stock Didier was losing money on when he incorporated the company.

Didier recently moved to New York from San Francisco to be closer to potential clients.

Like every other company he worries about market-fit and a go-to-market strategy. Unlike more traditional firms, he relies mainly on social media to promote the business.

He’s arguably one of the best founders posting on LinkedIn and Twitter.

That’s because his content is educational and entertaining, while still staying on point. He posts videos demonstrating how to use the platform, along with comments and testimonials from prospects.

But he also knows how to have fun.

A recent tweet celebrating his company’s third anniversary featured a Lego figure of himself, accurate down to the facial hair and T-shirt with company logo.

The only thing missing was the tattoo.

BRIEF OBSERVATIONS

THE GROWTH OF THE CLOUD: The growth of Microsoft’s cloud business has been surprisingly steady over the past eight years.

EASY COMPANY: Band of Brothers was a fantastic mini-series. It’s always sort of a shock to remember the characters were based on real people.

ARCHITECTURE REMEMBERS: There is an underground section of the subway at the World Trade Center where the architects left intact the old floor tiles from before the terrorist attack. It literally delineates a before and after. Most people probably walk right by. If you were alive before 9/11 it has an emotional pull.

BURIED HISTORY: It turns out that William Rehnquist proposed to Sandra Day O’Connor soon after they met in law school. That fact wasn’t disclosed even to family until 70 years later when some letters were discovered by a biographer. It’s wild to think of all the history we don’t know about.

URBAN BAR B Q: One of the charming things about Harlem in NYC is that people roll out Bar-B-Q popup food stalls on the street complete with fake grass and a blue and white checkered tablecloth.