Tuesday, February 26, 2008

Prosper Days 2008 wrap up and a look back to 2007

The long anticipated Prosper Days 2008 is now over. We have published notes on Chris Larsen's keynote address. Here is some other coverage around the net:

We expect Prosper to post videos and photos from Prosper Days 2008 in the near future. In the meantime, here's a look back to 2007:

Prosper Days 2007 Keynote Address by CEO Chris Larsen

Prosper Days 2007 - Lender Panel
RGlad, JaneyBooboo, Pensioner, L5

Prosper Days 2007: Town Hall Meeting

Prosper Days 2007: Group Leader Panel

1 comment:

Anonymous said...

Prosper eliminated standing orders and replaced them with portfolio plans. What a big mistake! Seems that all the functionality is still there, but it's a lot harder to use. The worst feature is the slices. Much more difficult with little or no added value.

The only way that prosper is useful to me is to bid with standing orders. I worked meticulously to set the criteria for standing orders based on past performance. Over time I refined that so my lates, in collections, and defaults were greatly reduced. When I was reading all the stories and trying to determine who would reliably repay the loan, my results were an abysmal 25% loss. That means I had to make more than 25% on my good loans to make up the loss on the bad.

Think of this: if I get a 20% return on a $50 loan, my profit will be $10. If my time is worth $60/hour, that means I can only spend 10 minutes trying to find the right loan. That is not possible through a manual process. Thus, standing orders were the only chance to make this worthwhile and only if I could find a set of criteria that significantly reduced defaults but still provided an above average return.

So the standing orders with detail performance criteria were essential to my investment plans. Now the portfolio plan is confusing, awkward, and complicated - I will dread using it - I may not use it... and get out of this thing.

Prosper team - please return the ease of standing orders or at least make it easier - eliminate the slices or allow me to combine, and give me the detailed past performance data. Make this easy for me otherwise, it's not worth my time.