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How smart is smartphone investing?

Recently, my father bought an iPhone4. When he wanted a little help to operate this new technology, I showed him the basics. While flipping through the various apps, I noticed that Apple included a finance app. One tap takes the user to a small screen with charts and prices for major indices such as the DOW, NASDAQ and S&P 500 along with a few stocks such as Verizon and Apple. It struck me as amazing that anyone could find real-time stock quotes on the fly.

In reality, lots of people use their iPhones, Androids and other smartphones for investing. It makes sense:

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