Yeah... people aren't paying Bloomberg $31,980 per year for a TUI. They're paying for the data source... and I don't think you have Bloomberg's connections.
Asked a dear friend in the finance industry what he thought about Bloomberg. He's the type of guy who uses these systems daily. Mostly paraphrasing:
1) Bloomberg was lightyears ahead of anything else in the pre-internet days, so there's a lot of UI familiarity.
2) Bloomberg's chat is important because, as a hedge fund or investment bank, the chat is how you buy and sell bonds. You agree to the trade in the chat, then tell the back office folks to execute the trade. Direct quote: "I'd wager 90% of the ~400 trillion in annual bond trading value happens over Bloomberg DM"
3) Bloomberg is the biggest and best aggregator
This is fascinating to be because I always assumed latency was the key. After all, the only Bloomberg terminal I've ever seen in person was hooked up to its own dedicated fiber drop. It seems like the chat and sheer breadth of data are the differentiators.
Financial companies are cutting down on the amount associates can bill the firm for a $30 dinner, and the time before they can have the firm pay for a $30 car ride home. They definitely wouldn't pay for Bloomberg if it could be easily replaced.
Bloomberg terminal is only $133/day (assuming 240 work days per year). So, while $32k/yr seems expensive at first glance, given the total annual cost of an analyst or trader, it's not huge. Of course, they'd rather not spend the $32k/yr if they could avoid it, if bloomberg can give you an edge on just one or two trades a year, you come out ahead. So...
It's really useful to have a chat app that is gatekept behind a 20k/year+ subscription. It's a particularly useful signal if someone is offering you a million+ dollar asset for sale.
I get that, was more curious if you knew how much that is used for signaling and the traffic there. I sort of expected these communities to exist in other sources (like regular SMS / Slack / private back channels etc).
> They're paying for the data source... and I don't think you have Bloomberg's connections.
We keep seeing hundreds of Bloomberg competitors mimicking the interface and they always forget that the chat (with the connections), data and the newsroom are the reasons why Bloomberg's network effect is close to impossible to break.
Using the Bloomberg Terminal is taught very early at colleges for any finance professional, which is how they get them as well.
actually a lot of data is not included in the standard bloomberg license and you have to pay extra (mostly passing through to the data vendors) to get access to it.
There is not a single reason for Bloomberg’s dominance but the one feature that keeps people on it is the chat.
Here's an article. Basically if your trading stocks no. If you are trading different instruments or want interaction with the money folks (connections) yes.
https://financetracked.com/bloomberg-terminal
From it:
"Bonds and Fixed Income: It provides the best data for interest rates and debt markets.
Global Economics: It easily connects data from different countries, such as currency rates and government debt.
The Chat Room: The messaging system is the industry standard. If you want to talk to the biggest players in the market, you often need to be on Bloomberg."
Bloomberg Terminal costs ~$24K per user per year, so the fact that people are paying for it implies it offers at least that much value. As mentioned elsewhere in the thread, most of that value lies in the data sources.
> The download button doesn't even work properly. Clicking download in the top right gives me a .dmg, the other download button in the hero gives me the .exe, the one in the footer gives me a .dmg
I mean, it works for me?
The site is clearly not ready and maybe they didn't expect people to find it, but that doesn't mean the site is bad.
It is just a work in progress.
I'm not even interested in the site anyway the software and the source interests me more.
When I see new software now, my first thought is an LLM wrote it and it makes me not want to use it. I also assume there are bugs and it’s not particularly feature-rich.
Everybody who's distracted by the name and can't get past it, there's a thread developing here somewhere, where they're comparing it to Bloomberg.
We keep seeing hundreds of Bloomberg competitors mimicking the interface and they always forget that the chat (with the connections), data and the newsroom are the reasons why Bloomberg's network effect is close to impossible to break.
Using the Bloomberg Terminal is taught very early at colleges for any finance professional, which is how they get them as well.
(I’d especially love to see some federated social feature built in!)
There is not a single reason for Bloomberg’s dominance but the one feature that keeps people on it is the chat.
You pretty much need $30/m subscriptions for historical data. Not that it couldn't be worked into this.
From it: "Bonds and Fixed Income: It provides the best data for interest rates and debt markets. Global Economics: It easily connects data from different countries, such as currency rates and government debt. The Chat Room: The messaging system is the industry standard. If you want to talk to the biggest players in the market, you often need to be on Bloomberg."
https://imgur.com/a/ssiKckF
Hopefully it's not intentional
Your website is literally down.
https://i.postimg.cc/YCdkwZZq/image.png
And I don't think their website is that bad.
The download button doesn't even work properly.
Clicking download in the top right gives me a .dmg, the other download button in the hero gives me the .exe, the one in the footer gives me a .dmg
Docs give me a 404, blog is empty
I mean, it works for me?
The site is clearly not ready and maybe they didn't expect people to find it, but that doesn't mean the site is bad.
It is just a work in progress.
I'm not even interested in the site anyway the software and the source interests me more.
https://github.com/gloom-sh/gloomberb