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He also introduces a new instrument of his own: Next, he provides techniques that turn the tools into trading programs. Those techniques include how to time buying and selling, how to account for the effect of fundamental analysis on technical analysis, and how to use spreads to effectively manage risk. Real-world examples, objective analyses of how successful investors implement their own trading systems, and dozens of charts and graphs make Technical Analysis Tools exceptionally clear and practical.
Creating a Profitable Trading System. Product not available for purchase. Those techniques include how to time buying and selling, how to account for the effect of fundamental analysis on technical analysis, and how to use spreads to effectively manage risk. Real-world examples, objective analyses of how successful investors implement their own trading systems, and dozens of charts and graphs make Technical Analysis Tools exceptionally clear and practical.
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9781576602485 - Technical Analysis Tools Creating a Profitable Trading System by Mark Tinghino
This book is not yet featured on Listopia. John rated it really liked it Mar 10, Roger rated it liked it Dec 17, David Smith rated it really liked it Feb 17, Vincent rated it did not like it Sep 18, And the accountability and expectation for such internal driven teams may be higher and more focused if done right and rewarded properly. This is less known, but Bloomberg News is the largest employers of reporters in the world.
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And while the news is available for free, it flashes instantly on your BB terminal, while it appears on the website with a delay. BB is a tough but to crack. And its much derided interface is wicked fast.
Competitors will have a really hard time both replacing with something faster, and getting users to learn another set of command line functions because that is what the primary BB interface is, a command line. Bigger question is, what does the profitability of the business look like after you topple Bloomberg?
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Maybe they can be cut in half. One would have to include the possibility that if you completely topple BB you likely have eaten some of Reuters lunch too so maybe revenue is higher without much increase in cost base. It is likely to create something worth a small fraction of that. While I completely agree the data side can be chipped away at, the social angle is something Bloomberg will need to focus on to keep its dominance IMO. There have been a few companies emerge and take large chunks of the industry in the last years. Yes, definitely takes time. Markit is an interesting example — shows the magnitude of the effort required to pull this off, including in their case securing the backing of many key financial institutions, and indeed pursuing a very capital-intensive roll up strategy.
But is there a next Markit on the horizon? In the same vein although in a very tangential way to the Bloomberg terminal , the latest startup founded by Neal Goldman one of the co-founders of CapIQ , RelSci, is a very interesting venture — same general approach of throwing a massive amount of effort and money to a big problem I think they have close to 1, employees and were founded two years ago or something like that.
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I think you both have tapped into a huge part of the challenge — it takes more time to pull off a shift in workflow tools, particularly in the investment space, than most investors and entrepreneurs realize. The client base is among the most conservative there is with the adoption of new tools, especially post You need to have a good solid solution to a known problem, a long runway, laser focus, and tight execution of a plan to turn the idea into a real profitable business.
While as we have seen it can make for sexy PR and headlines, I think the biggest operational mistake startups make in this industry is that they state that they are out to mimic or unseat one of the big guys. The landscape is littered with upstarts who had great ideas on a slide deck, raised a ton of money, got some PR buzz, and then underestimated how much time, effort, additional money and luck it takes. While I do believe this industry is ripe for some disruption and change and I am excited to see it , I think we are going to see it in small bites and not in big gulps.
These are thousands of people that clean up and digitize everything from bond issues to regulatory reports, data that feeds the terminal.
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In addition the company has a pretty strong entrepreneurial culture internally. The data department is huge, and hugely important, no question. And yes on entrepreneurial culture as well… I certainly wrote a few of those plans myself when I was there. Data is the key advantage that Bloomberg has. Without accurate, comprehensive, timely data, none of the other value-adds analytics, news, social features, integrations would be viable.
And these costs are fundamentally irreducible, because the process of data curation is so complex and human-dependent. Additionally, for some but not all of the financial data sets, the data standardization problem gets more difficult the more markets you must consider. Focusing on the data problem, the opportunity that some of the companies identified in the article are going after is either in cheaply aggregating what is electronically available or — better — in figuring out ways to make new kinds of data available.
Interestingly, Barclays is said to be selling their index and analytics business; a company looking to make serious inroads in the space could do worse than start with those assets. Yes, a roll up strategy of some sort, including getting started by acquiring something like this, is probably one of the best ways of building something in the space. Goes to my point about how incredibly capital intensive it all is.
71 thoughts on “Can the Bloomberg Terminal be “Toppled”?”
SNL has the same network effect, the same brand recognition and the same business model as Bloomberg. Their secret sauce is that they offer news as well. Bankers subscribe to SNL to get information on banks, but also to read news. They have their own newsroom, and they are the first place anyone calls with banking news. Getting the data and comparing is hard, as is finding comparable banks. We dramatically simplify that process and make it easy. They came of age in a finance environment where gathering data was hard if not impossible, and they solved that.
Now that data is available new tools are needed to identify insights and move finance to the next level. I find it ironic that both Bloomberg and SNL have clung tightly to their 90s-esque interfaces. By genius or accident Bloomberg have created a great defensive market position as highlighted in this article by the difficulties to disrupt them. Their position is really a dream scenario for any VC that would have backed them early.
In addition, Reuters strategy was heavily focused on real-time data, but not on archiving and leveraging historical data for analysis. This was in direct contrast to the Bloomberg model, even though it was far more costly to execute. Finally, Bloomberg courted the buy-side early which involved giving them steep discounts in the early going, in contrast to Reuters who had been the champion of the sell-side. Would it have turned out to be a good venture investment in terms of growth, liquidity, etc.
Perhaps a topic for another day. Not to mention the first secure instant messenger, the first network to offer live status bars for users, the first modern news reader, heck, even the first app to deliver, to a mass audience, the generic concept of typing in specific resource identifiers and having specific pages appear on your screen. All of this, years before the world wide web was invented. Hi, Matt — You touch it a bit about what is below ad around financial data.
From my perspective, the opportuniy seems not to be in financial informatio but more so the data that people and machines are creating for the purposes of development. Financial information is the output of the data that the technologies create to give the markets real-time analysis. Consequently It seems like too much attention is placed on what results and not what is created.
Bloomberg prospers by providng financial information through its terminals.