Ah, we all know the Bloomberg Terminal. It’s the one piece of equipment that says: here is a person or organization that is serious about finance. Even if you think you don’t know what the Bloomberg terminal is, if you’ve seen any Wall Street or financey type movie, you do. It’s the double monitor computer with the charts and numbers coursing around.
I used a Bloomberg terminal a few times during my internships but since I began working, I’ve never really needed to use them since what we do is more consulting than finance. However, as a personal investor, I’ve always wanted them. I wanted the ability to look up stocks, news, reports about assets across anywhere in the financial world and Bloomberg terminal had most of them. Unfortunately, it also costs about $25,000+ a year and since I’m not Goldman Sachs and my money is relatively small fry, it remained strictly a thing of fantasy. A want, not a need.
However, as I’m starting to set up one or two things that require me to be more constantly plugged into the stream of financial information, my need for a Bloomberg thing has grown. So I decided to do a little digging to find a cheaper alternative to what the Terminal provides. I quickly realized that I had just two options: Symphony or Money.net
Symphony lets you sign up for free, but disappointingly, it’s much more of an internal messaging service than anything else. So it’s more Slack than not. I had to hop over to Money.net who don’t offer a free version. A cursory look told me they charge about $150/month with a $1500 a year option if you pay all at once. Marvelous. I signed up for a 14 day free trial and have been bouncing around their iPhone app. So far, so great. I have everything I need at my finger tips except maybe a screener, and I think that should be there in their desktop app.
All things being equal, I’m going to set up an outfit to manage my trading activities full time. It’ll be open to outside investors so if any of you are interested? Holler. Given the positive results of my experiment with investing for others earlier this year, I’m fairly confident it’ll work out well for any takers. I’ll share with you guys pretty soon.
But once I do kick that off, that $1500 a year is going to be really worth it. So I’m glad I found these guys. Give them a check, if you’re into that. Money.net.