Author Topic: Looking to buy Historic Folio data  (Read 2481 times)

profwolfe

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Looking to buy Historic Folio data
« on: February 26, 2018, 01:15:48 PM »
I'm an academic - I'm looking for someone who might be willing to sell me data on the current inventory of Folio notes (going back historically).  Ideally, you have downloaded the current inventory of notes 1+ times a day going back to 2009 but I'm willing to entertain just about anything.  Email me at bawolfe@buffalo.edu if interested.  I'm looking for the Prosper version up to 2016 if you have it too.   

hdsouza

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Re: Looking to buy Historic Folio data
« Reply #1 on: March 10, 2018, 12:29:50 PM »

profwolfe

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Re: Looking to buy Historic Folio data
« Reply #2 on: August 13, 2018, 12:10:21 PM »
Thanks, HDSouza - appreciate the link.  Unfortunately, that's LC's initial issuance of notes.  I'm looking for data on Folio which is the secondary market for notes.  Still looking in case anyone has a stack of downloads they want to cash in on...

Fred93

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Re: Looking to buy Historic Folio data
« Reply #3 on: August 14, 2018, 03:12:39 AM »
What you'd really like of course is not listing data, but TRANSACTION data from the secondary market.

The inventory data is mostly meaningless because listings are almost all stupid, priced way too high to sell.  People post such listings because they (like you and me) don't have transaction data, so they can't see at what price similar notes have been selling, so they post a real high sell price and just see what happens, and then reduce the sell price later, sometimes in little tiny steps, day after day.  This is a stupendous waste of investors time, a stupendous waste of the folio servers, etc. 

I have asked LC several times to publish secondary market TRANSACTION data.  Unfortunately, there is really no one to talk with at LC who actually thinks about the secondary market.  The thing isn't profitable for them, so its been on autopilot for years.  Its even almost impossible to get software bugs fixed.  There's apparently no budget allocation for maintenance.  Given that there's no human at their end managing thing, there's probably no hope. 

When something comes up that requires them to spend a little bit of money ... perhaps a regulatory change, or the addition of some feature to the notes, or a bad software bug in the folio interface, the most likely thing is that they'll shut down the secondary, just like Prosper did.

A shame, because with a little work, it could be so much better, and possibly even draw investor interest.

profwolfe

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Re: Looking to buy Historic Folio data
« Reply #4 on: August 14, 2018, 03:16:05 PM »
Fred93 -

Transaction data would be like winning the lottery but at this stage, we'll settle for listing data.  We're especially interested in Prosper data at this stage.

Even though it may appear like there is no rhyme or reason to listings, we have a couple theories on why investors may post notes for sale at "stupid" high prices.  It could be investors are stupid.  That's certainly one possible explanation.  There are finance textbooks littered with stupid investor stories.

Another explanation might be that there are some investors that still can't access the platforms directly.  State security laws prevent investors in many states from investing directly in the marketplace lending platforms (Prosper/LC).  So if those investors want exposure to these notes, they have to go to the secondary market.  I think there may be investors flipping notes from the primary market to the secondary market at a small premium and excluded investors would be glad to take such notes.  Right now we're trying to find some anecdotes of people doing this (any suggestions here would be great).

Time will tell.  The LC Folio market is MUCH more active than the Prosper one.  LC market ranges between 400k-600k notes for sale vs the Prosper one had 10-20k notes for sale when it closed in 2016.

Here's a link to my research page in case you're interested in more info on state security restrictions
https://sites.google.com/site/swimwolfe/p2p-borrower-and-investor-legal-restrictions

Fred93

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Re: Looking to buy Historic Folio data
« Reply #5 on: August 14, 2018, 05:16:15 PM »
Another explanation might be that there are some investors that still can't access the platforms directly.  State security laws prevent investors in many states from investing directly in the marketplace lending platforms (Prosper/LC).  So if those investors want exposure to these notes, they have to go to the secondary market.  I think there may be investors flipping notes from the primary market to the secondary market at a small premium and excluded investors would be glad to take such notes.  Right now we're trying to find some anecdotes of people doing this (any suggestions here would be great).

I understand your theory, but how would these investors from a restricted state get access to the secondary market?  Does LC give them an account?

profwolfe

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Re: Looking to buy Historic Folio data
« Reply #6 on: August 15, 2018, 06:02:26 PM »
No restrictions on the secondary market.  Doesn't matter where you live.

rawraw

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Re: Looking to buy Historic Folio data
« Reply #7 on: August 18, 2018, 04:14:03 PM »
Another explanation might be that there are some investors that still can't access the platforms directly.  State security laws prevent investors in many states from investing directly in the marketplace lending platforms (Prosper/LC).  So if those investors want exposure to these notes, they have to go to the secondary market.  I think there may be investors flipping notes from the primary market to the secondary market at a small premium and excluded investors would be glad to take such notes.  Right now we're trying to find some anecdotes of people doing this (any suggestions here would be great).

I understand your theory, but how would these investors from a restricted state get access to the secondary market?  Does LC give them an account?
Yea,they can create an account and buy loans. Just can't originate

SBryantMS

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Re: Looking to buy Historic Folio data
« Reply #8 on: August 19, 2018, 11:59:01 AM »
No restrictions on the secondary market.  Doesn't matter where you live.

I originally bought Folio notes until I figured out how to virtually relocate to a state where I could buy new notes.

mark78

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Re: Looking to buy Historic Folio data
« Reply #9 on: August 20, 2018, 04:12:10 AM »
No restrictions on the secondary market.  Doesn't matter where you live.

Can you please provide a reference for this? I see https://www.lendingmemo.com/how-to-invest-folio-lending-club/ says the secondary market is open to certain states in addition to the those open to the primary market, but that's still not "no restrictions". Furthermore, what about US citizens living overseas, who do not live in a state (military, contractors, expats, etc)?

Fred93

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Re: Looking to buy Historic Folio data
« Reply #10 on: August 20, 2018, 04:50:39 AM »
No restrictions on the secondary market.  Doesn't matter where you live.

Can you please provide a reference for this? I see https://www.lendingmemo.com/how-to-invest-folio-lending-club/ says the secondary market is open to certain states in addition to the those open to the primary market, but that's still not "no restrictions". Furthermore, what about US citizens living overseas, who do not live in a state (military, contractors, expats, etc)?

The info is in the LC help section...

https://help.lendingclub.com/hc/en-us/articles/216092957-What-are-the-current-State-and-Financial-Suitability-conditions-
Quote
Alaska, New Mexico, North Carolina, Pennsylvania: Residents are unable to purchase LendingClub Notes on the primary market. However, they are permitted to buy and sell LendingClub Notes on the Folio Investing* Note Trading Platform.

So the guys who can trade on the secondary market but not the primary market are just four states.

« Last Edit: August 20, 2018, 04:29:05 PM by Fred93 »

mrwhizzard

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Re: Looking to buy Historic Folio data
« Reply #11 on: August 20, 2018, 01:47:44 PM »
Quote
Alaska, New Mexico, North Carolina, Pennsylvania: Residents are unable to purchase LendingClub Notes on the primary market. However, they are permitted to buy and sell LendingClub Notes on the Folio Investing* Note Trading Platform.

So the guys who can trade on the secondary market but not the primary market are just three states.

I count four?

Fred93

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Re: Looking to buy Historic Folio data
« Reply #12 on: August 20, 2018, 04:29:22 PM »
Quote
Alaska, New Mexico, North Carolina, Pennsylvania: Residents are unable to purchase LendingClub Notes on the primary market. However, they are permitted to buy and sell LendingClub Notes on the Folio Investing* Note Trading Platform.

So the guys who can trade on the secondary market but not the primary market are just three states.

I count four?

Thank you.

mark78

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Re: Looking to buy Historic Folio data
« Reply #13 on: August 20, 2018, 05:04:59 PM »
It's still not clear to me whether US citizens living overseas (military, contractors, expats) can invest in Folio.

Fred93

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Re: Looking to buy Historic Folio data
« Reply #14 on: August 20, 2018, 09:07:42 PM »
It's still not clear to me whether US citizens living overseas (military, contractors, expats) can invest in Folio.

I think it's pretty clear from what LC has written that they go by the "residence address".  In other words, I believe that if you give them a residence address in an approved state, you're in.  Some people living overseas temporarily can probably do that.

If you want a definitive answer, give LC a call.