The Bloomberg Terminal is a financial software powerhouse, renowned for its comprehensive suite of tools that provide financial professionals with real-time and historical data.
Undoubtedly, it's an essential tool, but its hefty price tag makes it inaccessible to the individual investor and is even a considerable expense for smaller firms and independent traders.
In an era of financial market democratization, savvy investors seek affordable alternatives with comparable features to the Bloomberg Terminal. Let's explore a cost-effective option without compromising essential functionalities!
Understanding the Financial Market Need
To appreciate the value of a Bloomberg Terminal Alternative, we must first understand the necessity of such a tool. In the intricate world of finance, knowledge truly is power, and the right tools can significantly enhance an investor's grasp of market dynamics.
Financial tools, particularly those with the depth and breadth of Bloomberg, become indispensable for a variety of tasks essential to success in investing and trading. These tasks include but are not limited to fundamental and technical analysis, asset allocation adjustments, and the monitoring of market news and economic indicators, all in one integrated platform. Such features can provide the edge investors need to make informed decisions and, ultimately, the returns they seek.
The demand for tools with extensive and up-to-the-minute data is unyielding for investors, financial analysts, and traders. The question then becomes not whether these tools are necessary but what cost they can be obtained at without sacrificing quality.
A Closer Look at the Bloomberg Terminal
Understanding what the Bloomberg Terminal offers can provide valuable context for evaluating alternatives. For starters, the Terminal, developed by financial giant Bloomberg L.P., is a proprietary computer software system with astounding performance.
The platform boasts over 30,000 functions that cater to the needs of different users—traders, analysts, portfolio managers, and other finance professionals. It's renowned for its chat functionalities allowing professionals to engage with their counterparts globally, and its news feed is considered a powerful market-moving force in its own right.
However, the cost of this comprehensive tool can be prohibitive, with individual licenses costing upwards of $20,000 annually—a price point that is out of reach for many, if not most, individual investors and smaller finance firms.
Affordability and Ease of Use:
The accessibility of advanced financial tools can lead to a disparity in the abilities of the market participants. For large corporations or ultra-high-net-worth individuals, the cost of a Bloomberg Terminal may be a necessary, if hefty, business expense. However, many of the investment community, including new and small-time investors, may need help to justify this price.
In contrast, affordable financial tools democratize access to essential investing and trading resources. By having access to affordable tools with features comparable to the Bloomberg Terminal, small investors and budget-conscious traders are better equipped to make well-informed decisions and compete on a more level playing field within the market.
Accessible Yet Robust: Stock Screener from Wisesheets
One standout among the surge of Bloomberg Terminal alternatives is Wisesheets, a platform that stands out for its affordability without compromising on features.
Wisesheets is an add-on that harnesses the power of Excel and Google Sheets, tools that many investors and analysts are already familiar with and utilize daily. The Stock Screener functionality gives users the ability to manipulate data and filter results while retaining the familiarity and ease of use that these spreadsheet platforms provide.
Priced at a fraction of the Bloomberg Terminal, Wisesheets is an option that is not only affordable but also user-focused, with a subscription model that scales with usage, ensuring that users only pay for the features they need.
How to Build a Stock Screener
Building a custom-made stock screener and obtaining the necessary data is made simple with Wisesheets. Here's all you need to do:
- Get a list of stocks in your Excel or Google Sheets spreadsheet. Remember, we use the same ticker system as Yahoo Finance. You can also use the screener get list data functionality from above.
- Select the parameters for which you'd like to retrieve data. This includes the income statement, balance sheet, cash flow statement, key metrics, growth metrics, and real-time price data. You can refer to this link for the full list of items.
Once you have the list of stocks and parameters set up, you can easily proceed to the next steps. Simply navigate to the WISE Screener section of the add-in.
In the WISE Screener section, use your mouse to select the list of tickers you would like to gather data for. Once selected, click on the 4 square icon to proceed.
Next, do the same for the parameters you've chosen. Don't forget to include the period in the parameter. This currently includes:
- TTM (trailing twelve months)
- LY (latest fiscal year)
- LY-1, LY-2… up to LY-17 (previous fiscal year)
- LQ (latest fiscal quarter)
- LQ-1, LQ-2… up to LQ-71 (previous fiscal quarter)
- Specific years (for example, 2020)
- Specific year and quarter (for example, 2020 Q4)
If you omit the period, the default value returned will be LY (latest fiscal year value). Capitalization and spacing do not matter. You do not need to specify any period for real-time data.
Once you've completed the steps above, it's time to retrieve the data. Simply click on the "Get Data" button, and your screener will be generated. You will notice a bucket created, holding the tickers and parameters you've selected.
You can easily refresh the screener data by utilizing the refresh button in the bucket, which allows you to obtain the latest data at any time. Additionally, you have the option to rename the bucket for future reference or delete it when no longer needed.
Please keep in mind that the bucket can only be refreshed in the spreadsheet tab where you have the tickers and parameters located together. Refreshing the data in another tab of your spreadsheet will not work.
Building Custom Stock Models
Wisesheets' Stock Screener is more than a tool for solidifying your stock picks—it serves as an all-in-one resource for market analysis. From identifying undervalued or overpriced stocks to tracking historical price performance and calculating advanced metrics, the Stock Screener has the quantitative methods essential to the trade.
You can also create your own Custom Stock Models with the free templates that are integrated into the add-on, such as the Stock Analysis Tool:
This is an incredibly powerful option, which allows you to create your own models and charts based on the company you would like to analyze in no time, and with everything in the same place:
All you need to do is to Open your Wisesheets add-on, and select “Templates” from the options:
From there, you will be able to select a wide variety of templates that you can use freely, so you can get the best out of this option and create your own dashboards to analyze stocks and companies and make data-driven decisions. In the pursuit of financial success, these customizable dashboards will become your strategic companions, offering a panoramic view of market trends, stock performances, and company dynamics.
In Conclusion: Seeking the Right Fit
The quest for a cheap Bloomberg Terminal alternative is on the rise, driven by the desire for democratization and accessibility in the financial field. Investors, traders, and analysts can no longer afford to overlook the value of such tools, both in terms of potential profitability and professional development.
As demonstrated by the Wisesheets Stock Screener, alternatives do exist that provide similar benefits at a fraction of the cost. By encouraging readers to explore these options, we can help level the playing field and foster a more inclusive and informed financial community.
It is essential to explore and choose financial tools that align with your unique goals and skill sets. The beauty of the current market is the variety of options available, which can cater to the diverse needs of the investment community.
In closing, while the Bloomberg Terminal may remain the gold standard, it's encouraging to see that there are now robust alternatives that can offer substantial benefits without breaking the bank.
As you continue your financial journey, remember that the best tool is the one that amplifies your abilities and knowledge, not the one that bears the highest price tag.