Contents of the CAI-IR.DOC file
INTRODUCTION AND RESOURCES
1 January, 1989
Printed version available.
This document is Copyright, 1989, Rick Bullen, George
Mueden. It may not be reproduced in printed form without
permission, except by and for the members of user groups.
Electronic transmission of the document is permitted, as long as
it is not modified in any way. Portions may be extracted and
incorporated in other publications if appropriate credit is
TO CONTACT THE AUTHORS
AAII NY Computer Group, Westchester PC Investment SIG
Rick Bullen 914-478-5824
26 Pinecrest Drive CompuServe 76117,2537
Hastings-on-Hudson, NY 10706
Big Apple User Group/New York PC Investment SIG
George Mueden 212-222-8751
310 West 106th Street - #15D
New York, NY 10025
In addition to the above, the authors can be reached on the
InterLink Finance & Investments Conference, described later in
this document, and accessible through the BBSs listed in Appendix
ABOUT THE AUTHORS
Rick Bullen has an AB in math from Columbia and an MS in
Management of Technology from the MIT Sloan School. Rick has done
computer programming and systems development since the dark ages
of the 1960s. In addition he has had five year's experience
trading financial futures in a family-owned investment business.
He runs a management consulting firm, Investor Support Systems,
Inc., that does design, development, and evaluation of investment
George Mueden has degrees in civil engineering (Cornell) and
business (Columbia). While working as a college placement officer
he became an amateur investor. After he retired he helped put a
book on BASIC on tape at Recording for the Blind. When it was
done, he bought the book and was hooked. He is still an amateur
investor and is considering buying a fourth computer.
AVAILABILITY OF THIS DOCUMENT
A printed version of this document, suitable for
reproduction, is available for $3 (make check payable to ISSI) by
writing to Rick Bullen at the address above.
The factual material in this paper has been carefully checked
but cannot be guaranteed. We would appreciate being notified of
any errors so that we can make the next edition even better.
TABLE OF CONTENTS
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . 1
ORGANIZATIONS . . . . . . . . . . . . . . . . . . . . . . 2
BOOKS . . . . . . . . . . . . . . . . . . . . . . . . . . 4
PERIODICALS. . . . . . . . . . . . . . . . . . . . . . . . 5
COURSES . . . . . . . . . . . . . . . . . . . . . . . . . 6
FINANCIAL CONFERENCING SERVICES . . . . . . . . . . . . . 7
DEALERS . . . . . . . . . . . . . . . . . . . . . . . . . 8
APPENDIX I ORGANIZATIONS AND PERSONS MENTIONED . . . . 10
APPENDIX II STOCK MARKET OR BUSINESS RELATED BBS's . . 12
APPENDIX III INTERLINK FINANCE & INVESTMENTS CONFERENCE 14
The personal computer is now widely used, not only by
investment professionals, but by individual investors as well.
However, few outside the investment community are aware of the
resources available to assist individuals in this application.
This is a brief account of what can be done and where to turn for
Because it was written for user group members in the NY area
it has a local bias. However, we are very much interested in
accumulating information about resources for computer-aided
investing in other parts of the country, especially if they are
accessible nationally via telephone, modem, or mail. Therefore,
if you know of any resources not on this list, please share your
knowledge with us. It is not easy to keep up-to-date in this
The power of the personal computer can be put to good use in
investing. It reduces the burden of calculations and, by virtue
of its speed and capacity, makes possible the use of analytical
methods that otherwise would be too time consuming or just plain
boring. Take for example the updating of portfolio value, which
should be done frequently. Done manually, it is frequently put
off. Now the computer will do it, picking the prices off the air
or wire, doing the calculations, and printing the report, all
automatically. Another example is the calculation and charting of
a 200-day moving average. With a calculator? Forget it!
However, the computer can do this in seconds, making its use
There are three principal application areas: (1) portfolio
accounting and analysis (including tax preparation), (2)
fundamental analysis (pertaining to company and economic data),
and (3) technical analysis (dealing with the effect of market
forces on security prices). Software is available for all three
areas, some of it integrated so that data can be passed easily
from one function to another rather than requiring re-entry.
Costs in Time and Money
Computer-aided investing doesn't come cheap. As a hobby, it
tends to be expensive. The sophisticated software runs into big
bucks and needs a dedicated computer, peripherals, and (no
kidding) a dedicated user. Computer-aided investing is for the
active trader who will trade enough to justify the expense. The
serious part-time investor can improve his chances in the market
at less expense, but he should expect to invest enough to profit
by the edge it gives him. Otherwise it will still be an expensive
A newcomer in the field should decide early on to what extent
he will actually use his system. Unless the user is dedicated to
its use, the investment in hardware, software, and information
services (needed to feed data to the computer) will be wasted. On
the other hand, fully used, it will be profitable. Sophisticated,
powerful software is available for MS-DOS machines and the Mac.
There is a lot of software for the Apple II, but not as powerful.
If you have an Apple II, in time you may want a different system.
The selection of a system is not simple and will not be covered
Sources of Information and Assistance
There are many sources of information and assistance. There
are books, magazines, and organizations dedicated to
computer-aided investing and others that just touch on it. The
information that follows is far from complete, but it will point
the way to further resources and to individuals who know more and
can supply additional information.
The order of presentation has no significance. Select those
items that make sense given your level of knowledge and
experience, and your own goals and objectives. Detailed
information on addresses and telephone numbers for each item
mentioned appears in Appendix I.
Organizations - National
The American Association of Individual Investors (AAII)
The AAII is a non-profit, educational organization in support
of individual investors. The AAII educational program includes a
series of one-day seminars held in a number of large cities, an
annual retreat, and the programs of the local chapters (over
forty), many of which support computer-aided investing. It
publishes the "AAII Journal", home study courses (printed and
video), guides to mutual funds and investment publications, and
makes a substantial effort in support of computer-aided
investing. Its "Computerized Investing", published almost
monthly, contains articles, programs, spreadsheet templates,
software reviews and announcements, and a list of AAII chapter
computer groups and reports of their activities. One issue each
year is "The Individual Investor's Microcomputer Resource Guide",
a valuable work that lists and describes software and services
used by investors.
The National Association of Investors Corporation (NAIC)
The NAIC is an educational organization serving investors'
clubs all over the world. It publishes educational materials and
supplies for investors and holds investor fairs and an annual
convention. In addition to its journal, "Better Investing", it
has a computer group and publishes "Better Investing BITS" which
is its counterpart to AAII's "Computerized Investing". They
differ enough to make both valuable, especially because NAIC's
emphasis is on long-term investing; NAIC is the ultimate
fundamental investor. When you write or call for information, ask
for information about membership in both the NAIC and its computer
group and whether you can pay for both with the same check. The
group still hasn't been reflected in the parent's billing system.
Club 3000 is principally for purchasers and users of trading
systems. It is run very much like a user group and has a most
interesting newsletter that includes contributions from members
and vendors of trading-system software. There is considerable
discussion in the newsletter of computer techniques and the pros
and cons of various commercial software products. This
organization is appropriate for the more active trader, with a
primary bent toward technical analysis.
Market Technicians Association (MTA)
The MTA is a professional association of 150 practicing
technicians, including some very well-known personalities.
Membership is also open to affiliates, of which there are about
400. The organization is dedicated to educating its professional
and affiliate members in the field of technical analysis and of
generally fostering technical analysis as a profession.
Membership entitles the purchaser to a journal, a bulletin,
monthly meetings in the Wall Street area, access to an impressive
library-by-mail of books on technical analysis, and an annual
Microcomputer Investors Association
This organization publishes a semi-annual journal of articles
written by its members.
Organizations - Local
There are a number of local Special Interest Groups (SIGs)
devoted to computer-aided investing. While they are not easy to
find, the search is often worth it. Benefits of participation in
such groups include access to experts in investments and
computing, access to investment software through diskette
libraries, exposure to new software from vendors (including
occasional beta testing opportunities), information and articles
in newsletters, educational courses, discounts on products,
membership access to bulletin board systems (listed in Appendix II
if we know about them), personal networking, and so on. Some of
the groups are in AAII chapters, some are in PC or Macintosh
computer groups, some are independent, some are associated with
and supported by specific vendors. Groups in the NY area
AAII NY Computer Group
BAUG/NYPC Investment SIG
Connecticut PC Wall Street SIG
NJ, NY, PA, CT, DE Commodity Club
Westchester PC Investment SIG
Some local groups publish newsletters that contain articles
on computer-aided investing. Even though you may be unable to
attend the meetings of these groups, receiving the newsletter is
another way to keep your finger on what's happening in the field
and it provides needed financial support for these useful,
not-for-profit, educational organizations. Groups that publish
newsletters that have regular material on computer-aided investing
AAII Los Angeles Computer Group
Houston Computer Investors Association
Westchester PC Investment SIG
There are many good books on computer-aided investing, but
not every store carries them. In New York City, the McGraw-Hill
Bookstore does have them and you can browse. Nationally, there
are Fraser Publishing which publishes a good catalog and carries
10 books on computers and investing, and Traders Press which also
has a catalog and carries several. Described below are some books
to start with:
The Stock Market Investor's Computer Guide
By Michael Gianturco; McGraw-Hill, 1987. Not an easy read,
but thorough. He runs the highly regarded "Princeton Portfolios",
an investment letter distributed only by wire.
Dow Jones-Irwin Guide to Investing with Investment Software
By Thomas A. Meyers. He doesn't describe many programs, but
uses the ones he does as a basis for discussion.
The Computerized Investor
Privately published by Jeffers Systems, an investment
software dealer, this book is a useful and inexpensive
introduction to investment computing, with considerable breadth.
It has sound guidance for the first-time computer buyer ("select
your software first"), and sections for each of the three areas of
computer-based investing, plus ones for online services and
real-time systems. In reading certain sections, the reader must
keep in mind that the author is a dealer for specific products,
but the bulk of the material is valuable and informative.
Above we mentioned "Computerized Investing" from the AAII as
a source of software reviews and introductory articles, and the
NAIC's "Better Investing BITS", which has useful content related
to performing fundamental analysis of equities. There are a
number of other publications of a more general and/or a more
specialized nature that may be of interest.
Oriented toward the individual, "Personal Investor" has much
in common with "Money Magazine", but is blessed with a
knowledgeable computer editor (Bob Cullen), whose "ComputerLine"
column provides up-to-date information about investment software.
Wall Street Computer Review
Targetted more to the professional, this magazine contains
articles about investment and financial information systems and
includes reviews of investment software. Peter Brennan's column
"The Computerized Investor" regularly focusses on the information
systems used by a particular (usually institutional) investor, and
is useful for its insight into the "art of the possible".
Technical Analysis of Stocks and Commodities
This is a publication for the serious technical analyst. It
contains articles about methods and techniques, software reviews,
and advertisements from investment software vendors.
"Futures" is an easy-to-read periodical about the futures
business and always has one or more reviews of investment
A useful contribution to the field of computer-based
investing was made by Dr. Dennis McConnell of the University of
Maine. He published a lengthy bibliography of periodical articles
on "Investment Applications of Computers" in June 1987. While the
list is now a bit out of date, it may be of interest to someone
Also becoming dated and now out of print, but valuable as a
good place to become familiar with investment software and
services is "PC Magazine", Vol.5, No.7, April 15, 1986. It has
reviews of over fifty investment programs and services.
American Association of Individual Investors (AAII) Seminars
The AAII has a collection of six educational and economical
one-day seminars that are given in cities throughout the country.
Recent ones were on the following subjects: (1) Fundamentals of
Investing, (2) Stock Analysis and Portfolio Management, (3) Mutual
Funds and Your Investment Portfolio, (4) Economic Analysis for
Investment Decision Making, (5) Real Estate Investment Decision
Analysis, (6) Introduction to Personal Financial Planning. While
no course is specifically computer-oriented, the techniques and
methods discussed are basic to investment management and are
embodied in many investment software products. Knowledge of these
techniques is essential for the investor interested in using a
computer in his work.
The New York Institute of Finance (NYIF)
The NYIF is the educational arm of the NY Stock Exchange and
has an extensive curriculum of adult education courses on subjects
relating to the securities industry. Some topics are relevant to
the individual investor or trader. The NYIF is also a publisher
and reseller of investment books. As above, no course in the
curriculum is specific to computer-aided investing.
Financial Trading Seminars
FTS runs a small number of highly specialized one-day
seminars for traders. In general the presenters at the seminars
are people with national reputations as technical analysts or
traders who share their personal methods with the attendees. In
many cases, the courses focus on the use of a particular trading
system or technical analysis software product of general interest
FINANCIAL CONFERENCING SERVICES
We use the term "financial conferencing" to refer to the
process of communicating with other investors using a computer
equipped with a modem and communications software. There are
quite a number of such conferencing environments, most of which
are also sources of public domain and shareware software, data,
and newsletters published online. Some conferences involve
message exchange in real time, while others involve a delayed
CompuServe Information Service Forums
The CompuServe Information Service (CIS) is a bit pricey, but
it is great for anyone who has no other contacts and it has many
services for investors. It is an important data provider and has
a good "Financial Services Users Guide". It has a number of
forums of value to computer-aided investors: Investor, NAIC, IBM,
Javelin, Lotus 1-2-3, etc. The Investor Forum Sysops are helpful,
and provide a valuable alternative to the CIS Technical Support
operation, which is not as knowledgeable about CIS financial
products and services as it could be. The Investor Forum also has
an extensive data library.
Bulletin Board Systems
There are many bulletin board systems in the country that
cater to investors. Some are on national networks that allow
conversations among investors around the country. One such
network is described below. A listing of investor-oriented BBSs
appears in Appendix II. We have indicated in that listing if a
BBS is a member of a national network or is associated with a user
group, if we have this information. If you become active in
online conferencing on bulletin board systems not in your local
area, you should familiarize yourself with reduced-cost long
distance calling rates and services such as AT&T's Reach Out
America and Telenet's PC Pursuit.
InterLink Finance & Investments Conference
InterLink is an international network of bulletin board
systems which carries many conferences, one of which is on Finance
& Investments. A listing of the InterLink members that carry the
Finance & Investments conference appears in Appendix III. In many
cases for a reasonable fee you can use a private number and not be
delayed by busy signals. This is a particularly good way to stay
in touch with other investors between meetings of user groups.
InterLink also has a Technical conference where help can be found
for computer problems.
We list the following dealers of investment software, not
necessarily to recommend one over another, but to single out those
which have publications or catalogs that have informative
content. Note that there is usually a charge for the
publication. Many dealers offer discounts, as do individual
vendors of investment software. Also quite prevalent in this
business are joint marketing agreements between vendors where one
vendor sells the other's product at a discount together with his
own; this sometimes results in great buys.
This firm markets investment software for the PC and
MacIntosh computers. It publishes the book mentioned earlier in
This firm is a full-service investment software dealer, which
publishes a catalog. In addition to its mail order business, it
is accessible on the CompuServe Information Service Electronic
Mall, and other services.
Wall Street Software
This is a full-service investment software dealer, which
publishes a catalog. The catalog includes lengthy descriptions of
ORGANIZATIONS AND PERSONS MENTIONED
AAII (American Association of Individual Investors), 625 North
Michigan Ave., Chicago, IL 60611; 312-280-0170.
AAII Los Angeles Computer Group, George Kuby, P. O. Box 34545, Los
Angeles, CA 90034; 213-551-9454 (afternoons after 3PM).
AAII NY Computer Group, Rick Bullen, 26 Pinecrest Drive,
Hastings-on-Hudson, NY 10706; 914-478-5824.
AT&T Reach Out America; 1-800-225-5288, x. 2149.
BAUG/NYPC Investment SIG, George Mueden, 310 West 106th Street -
#15D, New York, NY 10025; 212-222-8751.
Club 3000, 2435 East North Street - Suite 117, Greenville, SC
CompuServe Information Service; 614-457-8600.
Connecticut PC Wall Street SIG, Dick Orenstein, 5 Daybreak Lane,
P. O. Box 512, Westport, CT 06881; 203-226-5251.
Financial Trading Seminars, P. O. Box 20555, Columbus Circle
Station, New York, NY 10023; 800-458-0939, 212-432-7630.
Fraser Publishing, P. O. Box 494, Burlington, VT 05402;
Futures, Oster Communications Inc., 219 Parkade, Cedar Falls, IA
Houston Computer Investors Association, P. O. Box 440922, Houston,
Jeffers Systems, P. O. Box 2105, Danville, CA 94526; 415-837-7670,
Market Technicians Association, 70 Pine Street, 2nd Floor, New
York, NY 10005; 212-344-1266.
McConnell, Dr. Dennis, Business Information Resource Center,
College of Business Administration, University of Maine, Orono, ME
McGraw-Hill Bookstore, 1221 Ave of the Americas, New York, NY;
Microcomputer Investors Association, Jack Williams, 902 Anderson
Drive, Fredericksburg VA, 22405; 703-371-5474.
NAIC (National Association of Investors Corporation), 1515 E.
Eleven Mile Road, Royal Oak, MI 48067; 313-543-0612.
NJ, NY, PA, CT, DE Commodity Club; Red Kuker, 33 Stella Drive,
Bridgewater, NJ 08807; 201-494-9200, 800-367-5018.
New York Institute of Finance, 70 Pine Street, 2nd Floor, New
York, NY 10270-0003; 212-344-2900.
PC Magazine, Ziff-Davis Publishing Company, One Park Avenue, New
York, NY 10016; 212-503-5255.
Personal Investor, Plaza Communications Inc., 18818 Teller Avenue,
Suite 280, Irvine, CA 92715.
SCIX, P. O. Box 3244, Williamsport, PA 17701-0244; 717-323-3276,
800-228-6655. Also accessible using the command "GO IS" on the
Electronic Mall of the CompuServe Information Service, and on
other information services.
Technical Analysis of Stocks and Commodities, Technical Analysis
Inc., 9131 California Ave. SW, Seattle, WA 98136-2551.
Telenet PC Pursuit; voice 800-877-8734, 800-835-3638, BBS
Traders Press, P. O. Box 10344, Greenville, SC 29603;
Wall Street Computer Review, Dealers Digest, Inc., Two World Trade
Center, New York, NY 10048; 212-227-1200.
Wall Street Software, 975 Oak Street, Suite 618, Eugene, OR 47401;
Westchester PC Investment SIG, Rick Bullen, 26 Pinecrest Drive,
Hastings-on-Hudson, NY 10706; 914-478-5824.
STOCK MARKET OR BUSINESS RELATED BBS'S
The following listing was prepared by Don Shepherdson, the Sysop
of Investor's Online Data BBS. We appreciate the opportunity to
make it available to readers of this paper. We know that there
are boards on this list that have moved or ceased operation and
need your help in keeping track. Please let one of the authors
know about additions or corrections to the list and we'll pass the
word to Don, or contact Don directly via CompuServe (CIS
76011,2402) or leave a message on the INVESTOR'S ONLINE DATA BBS
In the listing below, an "*" indicates that the board can be
reached using Telenet's PC Pursuit service.
Number * Name & description
------------ - ----------------------------------------
201-943-5419 * Data Base
201-377-2526 * Stocks and Such. PC-Relay.
202-299-8667 * The Market. PC-Relay.
206-285-5359 * Investor's Online Data
212-986-1660 * Max Ule Tickerscreen-Brokerage Firm
212-344-5195 * Wall Street On Line
212-340-9666 * Cario (The Machine)
213-859-9334 * Sleepy Hollow. InterLink.
213-306-1447 * Finance Network
213-423-4990 * Carrier Point Info.
214-517-8553 The Market
214-644-4128 * Stocktrak. Subscription, 5 day free trial
215-643-7711 * Business and Financial Board. Requires receipt
of call back in auto answer mode to complete
303-481-4525 * Investor's BBS Subscription BBS?
303-830-2342 * MarkeTrend Subscription BBS?
303-861-9063 * MarkeTrend Subscription BBS?
303-759-3721 * Investors Lounge Has five lines
305-741-7392 The Bank Board
312-280-8764 * Individual Investor's AAII.
312-922-3626 * Financial Options Exchange
312-232-1250 * The Windmill.
404-455-4707 * Insight Financial Services-Subscription
408-733-9341 * Stock Forecasts On Line
408-226-3727 * Mystic Choice
408-226-2827 * Business Special
408-745-0880 * San Jose general business-Subscription
414-964-5160 * Exec-PC Subscription-has 54 lines
414-764-9394 * Business Info Exchange
415-651-2396 * Sonshine Inn
503-760-1473 * Tech Books
503-648-6687 * Portland Business BBS
512-338-459l Telestock One- Fred Brown's BBS
515-226-0680 Stock Exchange. Market Technicians Assoc.
515-223-1113 WalStreet BBS
606-269-1565 Eastern Kentucky College
609-985-9783 Market Research Language Closed system?
617-354-2171 * Viking Magic
617-354-8873 * Channel One
619-483-5477 * Dollars & Bytes-San Diego
713-782-5454 * Ed Hopper's BBS. InterLink.
714-557-1756 * OTC Infonet Subscription ??
715-359-9457 Investor's Edge
803-292-9141 Club 3000.
818-360-4679 Consumer & Business Network
914-667-4567 Executive Network. InterLink Int'l host.
Westchester PC Investment SIG.
The above list represents BBS'S that have strong stock market
area or business sections. The list does not include either Real
Estate BBS'S or BBS'S that have a few stock market or business
related messages in their content.
INTERLINK FINANCE & INVESTMENTS CONFERENCE
The following are the public access numbers for the BBSs on
InterLink that echo the Finance & Investments Conference. The
International host of the net is ExecNet. Conference moderator is
Rick Bullen. In parentheses after the name of the BBS (if
available) is the conference number. Conference titles vary, and
the number may have changed since the date of publication of this
list. Some boards require use of an offline reader/writer program
available online; most do not. Some of the BBSs on the list are
difficult to reach on the public numbers. A current copy of this
listing is available by sending a request for it and a
self-addressed, stamped envelope to Rick Bullen at the address in
the front of this publication.
Phone number Location Name of BBS
------------ ---------------- ----------------------------------
201-239-1346 Verona NJ MicroSellar BBS (10)
201-974-8317 Sprng Lk Hts. NJ Right Choice BBS (24)
207-766-2467 Peaks Island ME Northern Lights (15)
212-432-1992 New York NY Zooman's Zoo BBS
213-859-9334 Los Angeles CA Sleepy Hollow BBS (70)
213-630-8580 Paramount CA Winning Poker & Gambling Systems (2)
215-678-9334 Wyomissing PA File Cabinet BBS (26)
219-884-9508 Gary IN LANS Multi-Node BBS (23)
409-866-3530 Beaumont TX Night Light BBS (14)
413-583-6167 Western MA The Valley BBS
416-733-2285 Toronto ON Rose Media (40)
602-965-5670 Phoenix AR Arizona State Univ.
609-232-1245 Turnersville NJ Compu-data (26)
617-720-3600 Boston MA Future Technology BBS (2)
713-782-5454 Houston TX Ed Hopper's BBS (7)
714-545-1706 Costa Mesa CA 1139/South! (15)
718-392-8836 Sunnyside NY Thunder Road BBS (59)
806-792-6116 Lubbock TX Windmill Company BBS (4)
901-373-5941 Memphis TN Cheers! (42)
914-667-4567 Mount Vernon NY ExecNet Multi-Node BBS (new callers)
-4684 " " (public node) (2)
914-779-4273 Scarsdale NY Activity Bulletin Board (19)
918-455-5544 Tulsa OK Data Warp (7)