Why Strawman’s founder uses Sharesight to track performance and tax

We spoke with Andrew Page, founder of Strawman.com, an online investment club where members share research and stock recommendations by managing virtual portfolios and building company reports. Andrew shares his motivation for starting Strawman, how he uses Sharesight, and how investors can benefit from having a portfolio tracking solution.

Andrew founded Strawman.com after struggling to find a quality online space for investors to exchange ideas. Most forums lacked transparency, making it difficult to gauge the credibility of anonymous contributors.

“Having managed a portfolio for many years, it became clear that the best source of ideas was often other investors whom I trusted, and who had the track record to warrant that trust. But more than that, I had learned that the best way to improve an investment idea was to challenge it – if an investment thesis could stand up to objective scrutiny, it was likely sound,” he explains.

Strawman.com was created to ensure private investors have a reliable and trustworthy place to share and challenge investment ideas.

“With virtual portfolios and peer-reviewed content moderation, Strawman enables members to identify top performers and contributors. And with a paid-membership model, we ensure only those serious about managing their own money have access. We keep it focused and accountable to deliver actionable investment ideas from proven investors,” says Andrew.

How Andrew uses Sharesight

Andrew has been using Sharesight to track his personal portfolio since 2012. At first, he was just looking for an easier way to do his tax return and keep tabs on his investments. But over time, Sharesight has become an essential tool for managing his portfolio and cutting down on unnecessary tax.

“[Before using Sharesight] I was not selling in a smart way and was incurring unnecessary capital gains tax,” he says.

Now, with Sharesight’s tax reporting and performance tracking, Andrew has a much clearer picture of how his investments are doing.

“Sharesight has helped me better minimise tax, structure portfolios better, and get a clear read on how my investments are performing,” he explains.

One of his favorite features is the ability to compare his portfolio’s total performance against an index, which helps him stay on track. He also appreciates the time savings during tax season, as Sharesight eliminates the need to manually sift through trade confirmations. Instead, he just runs a few reports and sends them straight to his accountant.

For anyone on Strawman.com thinking about using Sharesight, Andrew has one piece of advice:

“Do it! The time spent preparing your taxes is worth the subscription alone, but you’ll also gain valuable insight into the structure and performance of your portfolio.”

Track your performance with Sharesight

Join hundreds of thousands of global investors using Sharesight to track their investments.

Sign up for a free trial today to start tracking your performance and tax, plus gain access to a suite of powerful reports designed to help you make better investment decisions.

Disclaimer: This article is for informational purposes only and does not constitute a specific product recommendation, or taxation or financial advice and should not be relied upon as such. While we use reasonable endeavours to keep the information up-to-date, we make no representation that any information is accurate or up-to-date. If you choose to make use of the content in this article, you do so at your own risk. To the extent permitted by law, we do not assume any responsibility or liability arising from or connected with your use or reliance on the content on our site. Please check with your adviser or accountant to obtain the correct advice for your situation.

FURTHER READING

• Investing for financial freedom: Hannah's story
• The importance of investing for financial stability: Shani’s story
• Why we need to talk more about investing: Angela's story