Updated: Jul 6
Are you a beginner looking to start investing but don't know where to begin? I know how confusing it can be with so much information on the Internet. That's why in this post, I'm going to cover the top 10 investing tools in 2023 that I personally find very helpful to use, so you can kickstart your investing journey easily!
Top 10 Investing Tools 2023 No.1 — Chat GPT
When it comes to investing, one of the most daunting tasks will be researching the company. There is a ton of information out there, how can we quickly get the necessary insights so we can better analyze the company?
Using ChatGPT can help you to solve the problem! Funded by Microsoft, ChatGPT is an artificial intelligence chatbot developed by OpenAI. With the AI studying vast amounts of information, Chat GPT is able to provide you with useful insights in a summarised format.
For example, lately, I want to do some research on JD VS BABA, I asked Chat GPT what’s the key difference between the two companies, and within a few seconds, it listed out the key differences in business models for me.
If I were to individually research these two companies’ business models, it would probably take me an hour or so, but right now I can get all these summarised key pointers in a few seconds!
Of course, the information provided is not the most updated. For now, they only can provide you insights up to 2021. Nevertheless, it gives you a very good starting point and saves you a lot of time in your investment research process!
Top 10 Investing Tools 2023 No.2 — Morningstar
Morningstar is a research firm that provides independent analysis and ratings of mutual funds, stocks, and ETFs. I particularly enjoy using Morningstar’s Paid subscription as it shows very detailed analysis and insights into individual companies.
Not only does it share with you the Business Strategy and Outlook of the company, but it also breakdowns the Economic Moat for you. It also elaborated on Valuation and the reasonable price to buy, as well as the Risks the company is facing.
Such detailed analysis will really give you a much deeper understanding of the company you are interested in, within a short period of time! Plus, the information is also updated every quarter when the company releases its latest earnings, making it a valuable resource for all investors!
One downside to it is, it is a paid subscription with close to $250 USD per year. But I think it is definitely useful for investors who are serious about understanding what you invest in and want to save time in the research process!
Top 10 Investing Tools 2023 No.3 — ROIC.AI
If you are an investor who loves to crunch numbers, you will love this tool! Roic.ai is a very useful free site that provides 15 years of financial data on companies listed in the US. It provides you with all the financial track records from Revenue, EPS, Free Cash Flow, ROE, and more!
If you prefer seeing the data visually, you can even navigate to the Financial tab and see all the financial data in a simple chart. For those who want the latest earnings transcript, you can also find them on the website. It also gives you all the latest news related to the company at a quick glance. Really useful isn’t it?
Seriously I don’t see any downside to this website. But if you really want to pinpoint, it will be it only provides free data to US-listed companies. If you want to research stocks from other countries like HK, you will need to pay for the data. But fret not, I am going to share with you another website which you can get for free too!
Top 10 Investing Tools 2023 No.4 – Jitta.com
For those who want free financial data not only from the U.S. but also from other counties, you can use jitta.com
Similar to ROIC.AI, it provides financial track records of different companies for up to 10 years. You can use it to research companies listed in SG, HK, China, Japan, the UK, and more!
One more bonus point is it even provides quarterly financial results for the past 1 year, which is only available to paid roic.ai users. On top of that, you can also use the JITTA line as a gauge to see if the company is undervalued or overvalued, which means cheap/expensive to buy accordingly to JITTA’s valuation method.
However, one drawback to Jitta is, the data may not be updated all the time, and sometimes can be a little inaccurate. So it’s always good to cross-check with other websites or financial reports.
But tools are just one part of the equation. It’s just like you can have a car, but if you don’t know how to drive safely, it can become very dangerous. That’s why you should get yourself educated first before starting your investment journey.
If you are keen to learn about how to invest in the stock market through Warren Buffett's proven investing system, do join us in our upcoming FREE 2-Day BOS MBA Value Investing Class to get started on your investment journey.
Top 10 Investing Tools 2023 No.5 — Gurufocus
Another good website to use will be Gurufocus. Not only does it give you different investing metrics at a quick glance, but it also gives you access to investing gurus’ portfolios like Warren Buffett and Joel Greenblatt.
For example, you can look into Warren Buffett’s Berkshire Hathaway holding, to know what stocks did he buy or sell in the most recent quarter. It shows you the company’s name, when did he initiate the buy/sell trade, and most importantly, at what price did he buy/sell. As a beginner, you can use Warren Buffett’s portfolio to as a reference to build your own portfolio!
Although Gurufocus also has its paid subscription, I don’t think it’s necessary as you can still access Warren Buffett’s portfolio without paying for it!
With all the investment research websites at your fingertips, the next to do is to know where to invest! And here comes my next investing tool!
Top 10 Investing Tools 2023 No.6 — Moomoo
Moomoo is a commission-free stock trading app that is very user-friendly. It provides you with real-time market data and alerts, customizable charts, technical indicators, and 7/24 authorized news. It also includes useful company financial insights such as EPS, ROE, ROA and more.
Furthermore, you can enjoy commission-free trade and start investing for as little as $100. Moomoo is regulated by the Monetary Authority of Singapore. Investors are also protected by up to $500,000 against their us stock portfolio via SIPC.
Right now Moomoo is even giving an EXCLUSIVE SIGN UP BONUS to BOS readers ONLY. By signing up your account here and fund $100 SGD inside, you will even get $20 cash coupon!
Top 10 Investing Tools 2023 No.7 — FinChat.io
Another powerful AI tool similar to ChatGPT is called FinChat.io. Once you register for a free account, you can start asking it any questions related to investing.
For example, we asked FinChat.io to "explain the core business model of Alphabet Inc. and provide a breakdown of the different revenue streams." Within a few seconds, the website provided us with the following information. All the data is backed up by reliable sources, allowing you to verify its accuracy.
You can read the full blog post about this AI investing tool here.
Top 10 Investing Tools 2023 No.8 — Tradingview
If you prefer an external platform to draw your charts, Tradingview will be a good option! This free website allows you to do all your technical analysis with ease. It provides you with all the TA indicators you need, and you can use 3 free indicators simultaneously at any moment in time.
The charts that you draw are also automatically saved once you registered for a free account, so it can save you a lot of time. You can also create your own stock watchlist at the side, and toggle between different stocks to see the charts. Very user-friendly, isn’t it?
If you need to use more than 3 indicators at the same time, you can also consider upgrading to the paid plan. But I personally just use the free plan and I think it’s more than sufficient!
Now we have gone through many different tools, but you may be thinking: “I only know that few companies, how can I expand my investing horizon so I have more ideas about what to invest in?”
So here are the final 2 investing tools that can help you with that!
Top 10 Investing Tools 2023 No.9 — Investing Podcast Business Wars
Business Wars is an investing podcast that explores the fierce competition between some of the world’s most well-known companies. Each episode of the podcast focuses on a different business rivalry, such as McDonald’s vs. Burger King, Nike vs. Adidas, or Netflix vs. Blockbuster.
I personally find the podcast very engaging and informative podcast. It will also provide you with different business insights and the strategies they used to gain a competitive edge.
You can listen to Business Wars for free on Spotify, Apple and Amazon music.
Top 10 Investing Tools 2023 No.10 — BOS Telegram
Here comes the final investing tool 2023, our own BOS telegram channel!
We shared a lot of investing updates and free resources inside, including our live stock debate sharing and more. Do join us so you won't miss out our next sharing!
So here are the Top 10 investing tools in 2023! Which tool is your favourite? Or what other tools are you using to help you in your investment journey? Comment down below and share with us too!
In the meantime, feel free to check out my video below to watch the tools navigation step-by-step! If you like this video, remember to like and share it with your friends too!
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