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Do you want to invest like Warren Buffett? Well, there’s an app for that.

Today marks the release of the new iPhone app, iBillionaire, joining the Android version that launched in March. Touting a simple concept, iBillionaire tracks the portfolios of the world’s leading billionaires (Warren Buffett, Carl Icahn and many other rich old men) allowing you to ape their (hopefully) sage investment decisions. While not for everyone, and not proliferating any brand new smartphone technology, iBillionaire is an interesting application that streamlines data to provide something potentially meaningful.

Raul Moreno, one of the app’s co-founders, formulated this concept after Apple stocks crashed back in September. “I noticed that a lot of these investors were billionaires,” he says, “so I decided to look a bit further to see what billionaires were doing with Apple.” He teamed up with professor Jorge Lorenzon of the Buenos Aires Institute of Technology (IBTA) and Alejandro Estrada, the CEO of DineroMail, a Latin American online payment platform.

iBillionaire is pretty much just a nice-looking archive of SEC listings for seriously successful investors. Because accessing these documents is so time consuming, Moreno decided to make an app that would streamline the process for others.

The app itself has features to create your own portfolio of stocks and pit them against the portfolios of the magnates, along with information about the top holdings. But its main attraction involves data combing. It’s kind of like Jim Cramer’s Mad Money in app form and without all his “boo-yahs!” and screaming at the TV. Tie that in with the ‘favorites’ folder of the most successful YouTube accounts, and maybe you have a good metaphor for this app.

iBillionaire’s success depends on users deeming it a useful investment tool. A few weeks back, the Wall Street Journal asked an investment manager, who thought the idea was cool then added, “Maybe version 2.0 can include people like fund managers.”

CNNMoney provides a list of the best investment apps to date, with Fidelity and TDAmeritrade Mobile topping the list. Their criteria seem to be ease, information provided, and uniqueness of features. It’s possible iBillionaire could join the club, since who wouldn’t want to invest like Warren Buffett or Carl Icahn?

Meticulous research is always the best policy for successful investment and this app could prove to be a good starting point.

[Image courtesy iBillionaire]