Online investors have their choice of searching free or fee-based online databases.One advantage of both types of databases is that they’re constantlyopen.
That is, you can access them 24 hours a day, 7 days a week.It’s a no-brainer that savvy online investors should start with the free databases.If the information you desire isn’t available in the free databases, tryfee-based databases. If you carefully select a fee-based database for yourwell-constructed query, you can often get the information you want withoutpaying big bucks.
Totally free databases
The Internet is a network of networks linking millions of computers worldwidefor the purpose of communicating. The Internet was originally developedin 1969 for the U.S. military and gradually grew to include educational andresearch institutions. These colleges and universities have never charged forthe Internet they assisted in creating. Consequently, many free referencesources exist online. Here are a few examples:
Federal Reserve Bank of St. Louis (www.stls.frb.org/research/index.html) provides links to high-quality economic research such asFRED II (Federal Reserve Economic Data), a historical database of economicand financial statistics, and FRASER (Federal Reserve ArchivalSystem for Economic Research), a new collection of scanned images ofhistorical economic statistical publications, releases, and documents.Sign up for the mailing list and be notified about late-breaking data ornew publications.
The Federal Web Locator (www.infoctr.edu/fwl/index.htm#toc) isa service provided by the Center for Information Law and Policy and isintended to be the one-stop shopping point for federal government informationon the World Wide Web.
Government Information Locator Service (www.access.gpo.gov/su_docs/gils), shown in Figure 1-2, contains records of public informationthroughout the U.S. government. Government Information LocatorService (GILS) records and describes the GILS holdings of a particularagency. However, the GILS database is updated irregularly. Each GILSdocument is available as a downloadable ASCII text file and as anHTML file.
When all else fails — fee-based databases
For specialized investor topics, the only information available may be in anonline database that you have to pay for. How each organization charges fordatabase access varies from company to company. Charges can be by query,month, hour, or document. Most firms were designed for large corporate use,and they tend to flounder in their attempts to find equitable ways of chargingindividuals for private use.
Fee-based databases have several limitations. Often, they use their ownsearch methodologies that require some getting used to, and they can becostly. The fee structure may be geared for corporations and too expensivefor individual use. Databases tend to be traditional and may not have that bitof unique information you’re seeking.Here are a few examples of fee-based databases (all price quotes are as ofthis writing and are subject to change, just like everything else on theInternet):
Lexis-Nexis (www.lexis-nexis.com) includes information from majorregional and national newspapers, news sources, company information,and financial information, including SEC reports and proxy statements,in addition to other business sources in English and foreign languages.Find the information you need in one of two ways: select the product orservice that you want to subscribe to or choose a particular topic. Lexis-Nexis accepts online credit-card payments. You can pay as you go, $3 fornews sources, $4 to $12 for company and financial information. Or youcan pay by the day or the week. For example, newspaper, business, andfinancial databases are $250 weekly or $75 daily. The top 34 businesssources are $150 per week or $50 per day. Major papers (such as TheNew York Times, The Washington Post, and the Chicago Tribune) are $75per week or $30 per day.
Highbeam Research (www.highbeam.com/library/index.asp) has,among other things, electronic access to many newspapers, periodicals,and journals that you can search by keyword. Highbeam Research is agood source for background or academic financial research. Basic serviceis free and limited to previews of articles. Full membership includesunlimited access, lets you archive articles, and provides alerts whennew articles about a topic you’re researching are posted. A free sevendaytrial is available. Full membership is $19.95 per month or $99.95 for12 months.
STAT-USA (www.stat-usa.gov) is sponsored by the U.S. Department ofCommerce. This site includes economic indicators, statistics, and news.It also offers data about state and local bond rates, foreign exchangerates, and daily economic news. Statistics include interest rates, employment,income, prices, productivity, new construction, and home sales.Subscriptions for individuals are $75 per quarter or $175 per year.
Getting Online Investor InformationGeared to Your Needs
Today, online investors come from the entire spectrum of society. Onlineinvestors range from young to old, beginners to professionals, and so on.Each of these groups has specific needs and interests. Many of the individualsin these special-interest groups are looking to online communities foranswers and information about their special investment needs. Others seecommunities as a way to make online investing simpler because informationis geared to their way of thinking. The Internet provides special Web sites targetedto online investors with specific interests. The following is a sample ofwhat you’ll find on the Internet.
Investor Web sites for children
Every day you’re bombarded with information about the stock market. Turnon the car radio, walk through a hotel lobby, or watch the news on television,and you get updates about the stock market whether you want to or not. In arecent Merrill Lynch survey of 512 teenagers between the ages of 12 and 17,about 9 percent who save their money invest in mutual funds or stocks. Howcan young people invest? A parent must open a custodial account because aminor can’t make securities transactions without the approval of an accounttrustee. The Merrill Lynch statistic indicates an interest in investing that’ssupported by a number of online Web sites aimed at children.Here are a few examples of the wide range of online resources that can meetthe needs of even the youngest investor:
Big Money Adventure (www.agedwards.com/public/content/fcgi/bma/frontpage.fcgi) is a site in which you select your guides andadventure based on your age: 2 to 6, 6 to 10, and 10 to adult. Visit theRainbow Castle, jump into a storybook adventure, and learn aboutinvesting, or you can play a stock-picking game and win prizes.
The Young Investor Web site (www.younginvestor.com) is an interactivecommunity designed for children and parents. Find out the fundamentalsof managing money and investing. Don’t forget to visit the gameroom and play a few investing games.
Web sites for young investors
A recent NASDQ (National Association of Securities Dealers) survey showedthat college-aged individuals (18 to 34 years old) account for about 20 percentof all U.S. investors. Online brokerages target these investors as their next revenuesource. Many online brokerages understand that college-aged investorsdon’t have a lot to invest now but will likely become substantial investorsover time.
Here are a few examples of sites that target this group:
Edustock (library.thinkquest.org/3088) is an educational Web sitedesigned by high school students for investors young and old. The Website includes beginning investor tutorials about how to select stocks,company profiles, and a free 20-minute delayed online stock marketsimulation.
Independent Means (www.anincomeofherown.com) is a Web sitedesigned for women under 20 (and their over-20 mentors) to find anincome of their own. The motto of the Web site is “girls, money, andpower.” Discover articles about money and investing, teen businesspages, and more.
TeenAnalyst (www.teenanalyst.com) is staffed by a group of younginvestors aged 15 to 16 years old. Using their experience and knowledgeof investing, they bring young investors information in a fun and informativemanner.
Other investor special-interest sites
Many financial institutions sponsor special-interest Web sites that provideselected groups with the information they need to be educated investors.These and other specialty Web sites (which are often nonprofit) understandthat many investor sites attempt to educate online investors but fail to do socorrectly because they don’t understand the unique needs, top issues, andinterests of the Internet users they serve. The following sections presenta sampling of the various special-interest investor Web sites available:
Senior investors
Older investors can turn to the following sites for investment information:
Money & Investing (www.eldernet.com/money.htm) is geared tosenior citizens. You access this site from the ElderNet home page.ElderNet’s Money & Investing site provides tutorials on the basics ofinvesting, mutual funds, stocks, and bonds. Also, it includes soundadvice on how to select a financial advisor.
ThirdAge (www.thirdage.com/money) provides information aboutinvesting, money management, and retiring well for adults in their mid-40s through 50s. If you’re investing for an early retirement, this Web sitecan help you.
Socially responsible investors
If you have an active social conscience, consider these sites as startingpoints for your investment research:
SocialFunds.com (www.socialfunds.com) has more than 1,000 pages ofstrategic content to help investors make informed decisions regardingsocially responsible investing. The Web site provides news, information,research, investment analysis, and financial services.
The Investor Responsibility Research Center (www.irrc.org) providesresearch related to corporate governance, social issues, and environmentalpractices. Get information about corporate benchmarking andenvironmental indexes.
The Social Investment Forum (www.socialinvest.org) offers comprehensiveinformation, contacts, and resources on socially responsibleinvesting. The Web site includes an online guide, financial services,news, and research.
Minority and women investors
The following sites are representative of Internet investment resources targetedspecifically at minority and women investors:
The Gay Financial Network (www.gfn.com) provides free financialnews, information, and services. The site also includes articles by featuredcolumnists and a weekly poll.
WIFE.org (www.wife.org) is the Web site of the Women’s Institute forFinancial Education (WIFE), a nonprofit organization dedicated to financialindependence for women.
iVillage MoneyLife Personal Finance for Women (www.ivillage.com/money) targets women who want to take control of their finances andstart investing. Other topics include handling credit and debt, lifeand money, and money talk.
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