Copycat Investing: Americans Ditch DIY Stocks to Copy the Rich

A growing number of Americans are using smartphone apps to automatically copy the stock trades of famous investors instead of making their own decisions. These “copycat investing” apps let users mirror every buy and sell order placed by billionaires, hedge fund managers, or celebrity traders. CBS News consumer reporter Evyn Moon says the trend is rising fast as markets remain unpredictable. The pros include easy access to professional strategies with minimal effort. The potential cons? Users may face hidden fees, lag time in copying trades, and the risk that copying a famous investor does not guarantee personal profits. Experts warn that following a single big name can also lead to losses if that investor changes their strategy without notice.