Investment in Bloomberg Terminal
Hello lads and ladies, I'm working for a Corporate Financing and Advisory firm in Beijing, and have recently come across the power of Bloomberg Terminal, as well as had a demonstration in their office.
For a small firm, $25k USD pa might be hard to justify, though for the work we do, and the business case I have made, it's worth every penny.
My question to the forum is; After using / implementing a Bloomberg Terminal at your company, have you found unseen upside / downside in using the Terminal in your firm? And can you share your experience?
For instance, I want the power to query for alternative asset funds based in China, and searches that are equally specific. From the demonstrations, I saw that specific queries yielded about 80% of results that could be found from days of internet searching. For me this is fine, as the time reward outweighs the lack of data .
Look forward to discussion!
It's certainly a nice luxury to have but firms perspective you can get most of the data from public sources so why would they pay $25k when they can have you do it manually for no incremental cost.
Because of the time value of money? Days of internet searching or maybe a couple of hours a day could add up to a long time a year...
lol... do you think the firm cares about your time? You just work later, not their problem.
Like I said, if you can get it, great.
Perhaps I could be clearer. You mentioned no incremental costs, which is obviously not true. You could work 24 hours a day or a deal or 24 hour a day searching for data that can be found in bbg.
Okay, good luck. That fact that your firm allegedly works in Corporate Financing and Advisory and doesn't have one indicates they've deemed it to be not worth the cost. Not sure how it is in Beijing but Bloomberg is ubiquitous here so it's not like you've discovered this revolutionary new tool. You went to one of their little sales seminars and all of a sudden think it's the greatest thing that ever happened, I get it. All I'm saying is that you're perhaps overstating the value of your time and while I'm not certain, I would imagine they could hire someone locally to do it manually for a similar cost while also having them assist with all of the execution that you're apparently doing. Just commenting on your "time reward outweighing the lack of data" because depending on what level you are, your time doesn't matter. Your company cares about generating income and I can just envision the new junior guy who goes to the principal etc. with "Hey guys, I just learned about this new bloomberg thing and it's gonna save me so much time. It only costs $30k USD per year too!". I would die of laughter.
To answer your original question again, get it if you can. The data isn't perfect and needs to be scrubbed manually at times but it will get you generally accurate data fairly quickly. Would also second jec's comments that if you're not using the full suite of capability of a terminal, there are many specialized services which may give you what you need at a much more palatable price point. Bloomberg is the Cadillac of financial data providers which is why a number of banks are moving away from it in some business lines because it's so expensive.
There are cheaper options if your purpose is fairly specific. For example, preqin/mergermarket for what you mentioned, or CapIQ for financials etc.
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