Nick Dobroshinsky, the youngest-ever Thiel Fellow, built an AI equity research platform in eighth grade

lived through it and we became stronger in the process. We do have our next guest.

Yes. April 27th, 2022. Yes.

And so just 6 months later, everything would

It was It was a wild wild time. Well, we have Nick from Every Ticker in the waiting room. Let's bring him in to the TV room. Nick, how are you doing?

Pretty good. How are you?

We're great. Uh thanks so much for taking the time. Great to meet you.

Here you are the youngest ever Teal fellow. Is that true?

That is true. Yeah.

Wow.

Wow. That's amazing. So, are you dropping out of

You can retire now. You should drop out of the teal fellowship now.

Yeah. I'm dropping out of high school. It's pretty It's pretty crazy experience.

Wow. Congratulations. Uh what what uh

Yeah. What have you done to Yeah. What have you done to date where you get identified and and um chosen for an opportunity like this?

Yeah.

So, the main thing I've been working on for the past uh year or so is every ticker. And I'll start with the problem that we're solving. It's that the vast majority of the US equity market is in the small, mid, and micro cap stocks, but Wall Street over only covers the mega and large cap stocks. So what we do is we use LLM to generate highquality research on every single US stock, including the ones that Wall Street doesn't cover.

Interesting. Okay. So, uh, like the big stocks would have an equity research report from Goldman Sachs or Morgan Stanley. These are the 20page PDFs that you see come out every quarter or so uh with a with a buy, sell, hold. Are you offering financial advice like who is the end consumer of this if it's some small or micro cap?

So our philosophy is that we explicitly do not offer any sort of financial advice. We don't give a buy, sell or hold recommendation. Since um from talking to my users, I find that they want to use their experience and evaluate the stocks themselves. So what we do is we aggregate and synthesize all of this research. We come up with a thesis and then we let the end consumer decide for themselves whether it's a stock that they're interested in.

Yeah, that makes sense. And then what about uh the business model? Is this a subscription? I know if you want those Goldman Sachs uh equity research reports, you got to pay a pretty penny. How much does it cost to get an every ticker report on a smaller micro cap?

So, right now all of our 5,000 reports are completely free.

Uh eventually we want to transition into a subscription model, but right now we just want to grow as fast as possible.

That makes sense.

Love it. How do you how do you think about competing with LLMs over time? I'm sure

people are doing it. People are doing this where they say like act like a Goldman equity research analyst, analyze this company, blah blah blah. You can

you can prompt your way to it right now. It'll probably get easier over time. Yeah.

Um so how how are you thinking about that dynamic over time like and I guess like how do you how do you expand the product? I'm assuming that's where that's where you'd go. So um for our competitive advantage um you know if you ask catchy PT to write you an equity report on say Apple yeah it will generate you something that's decently surface level but I would not say that it's as high quality as an analyst. So um our competitive moat is that we have a aentic system that is fine-tuned specifically for this task. It acts like a an actual analyst. Y

and then we have all sorts of um different data feeds that are proprietary.

Sure. And um as for the product, this is just the starting point. We want to get really good at the specific niche of highquality research reports. Yeah. And then we want to expand to adjacent parts of the research workflow in the future.

Yeah. So is one way to think about what you've built is sort of like an agentic harness on top of the frontier LLMs so that uh you can deliver.

Yeah. But it's running in the background and then just producing the report.

Oh. And then the report's just instantly available at the at the click of a button. Correct. Uh, not even at a click of a button. We pre-generate all of the reports. So, you can just search a stock and it's there.

It's already there. Got it. And then you're probably putting those on some sort of crown job that runs every quarter or every month or something.

How did you How did you kind of stumble into this opportunity? Were you Were you investing a bunch yourself and just kind of struggling to find great research on on some of these smaller names?

So, in seventh grade, I convinced my parents to open a Fidelity account for me

and I just instantly fell in love with the stock market. I really liked um like the idea of it and I quickly got into fundamentals focused investing and learned from like Warren Buffett and like that type of philosophy.

Yeah.

And over the summer of 8th grade I was looking into smaller cap stocks because I think that's where a lot of the opportunities are. There's um more mispricings there, right? And I realized that you can use LLM to generate decently high quality research on all these smaller stocks. And so I just built a quick MVP in 3 days, published it, and then I found that so many people found value in it. So I just started scaling it from there.

Have you thought about what you're going to do with the Teal Fellowship money? I know some previous Teal fellows that have made angel investments very successfully. Do you do you play do is there is there something in your mind that wants to potentially dip your toe into the hedge fund world or actually managing a portfolio

solo into Neo clouds?

Maybe. Yeah, I don't think I would do that. Um, in the short term, I think it would probably just go to paying my server costs and things like that. I'll be moving to San Francisco, so um, also things like rent and things like that, but if there's any opportunities that I see, I would definitely be interested in that.

Do you have a team yet? Have you built out an executive team of of grizzled 60 year olds yet? I imagine that that's the next step for you.

No, right now I think that um, just being a solo founder is pretty good. It allows me to move super fast.

Yeah, that's awesome.

That's very cool. How did you make your first dollar on the internet?

Was it through every ticker?

Actually, no. Um, in fifth grade, from fifth grade to 7th grade, I built a Roblox game. It was tens of thousands of lines of code. I was spending five hours every day. It ended up being a complete flop, but I did make a bit of money from it.

Oh, there you go. Amazing. That's great. Uh, what what advice would you give to young people who uh want to invest in the stock market? Where should they start? Well, um,

every ticker.

Sure. But

that's for sure.

Yeah. I think that, um, I personally would advise fundamentals focused long-term investing. I think a lot of people get carried away by these like, you know, super volatile stocks and all of these moonshot opportunities. I think it's important to stay grounded in where the real value is.

Yeah, that makes sense. Uh, what uh h Yeah, that's interesting. Um what goes into a great equity research report? Uh can you share a little bit about differentiation? What what I always find interesting personally is uh is the research reports that can sort of contextualize a company in its broader competitive set in the market. Uh but but what do you think uh makes for like a good flavor like the qualitative elements that go into something that's readable, digestible, informational, effective, and ultimately satisfactory to the user?

Yeah, the qualitative element is one of the most important things and it's one of my competitive advantages because I know exactly what the user wants. I'm one of my users and I talk to a lot of my users to see what they want. So the research report is um I I take that into account. So you know as you said you have to contextualize it in its broader industry and the goal of the research report is that after reading this 10-minute report you'll be able to understand exactly where the company is its competitive advantages um its modes you know like its trajectory and you should be able to determine if it's something that you want to invest in or not.

How do you think about uh the the the tells of LLM writing? You're absolutely right. It's not this, it's that. Uh those like stylistic flourishes, the contrastive uh parallelism that annoys tech insiders because it reads as uh LLM generated and that reads as maybe subpar. But what are you actually seeing from users? Do they do they like that quality of writing? Are they looking for a different uh stylistic tone in these research reports?

So I personally am quite annoyed by that. Mhm.

And um so I use um I have a method of making things sound very human. So you know from talking to some of my users, one of their first questions is how do you have so many research reports? And you know they don't even realize that it's loss or AI.

So yeah it's um the language in our research reports is much more human than some of the other um AI stuff you see out there.

I love it. I love it. I won't ask you to divulge the secret but good luck. It seems like it's going very well and congratulations on the teal fellowship.