AAII’s Top Investment Web Sites
AAII¡¯s Top Investment Web Sites
13th Annual Edition
by AAII Staff
2009
The Web has become one of the top
resources for individual investors, with
sites that contain timely and useful
financial and investment data, research
and other information, often at little or
no charge. From stock and market statistics to financial and retirement planning
calculators, there is something of value
to every individual investor.
Making your way through the maze of
Internet sites can lead to plenty of dead
ends¡ªsites that are purely promotional,
with little or no useful information, or
even worse, pure junk. In addition, some
sites charge a hefty fee for access to useful
information. Finding the value through
this maze without a guide can result in
an enormous investment of your time.
AAII¡¯s Best of the Net guide is designed
to allow you to go directly to the most
useful investment-related Web sites. The
AAII editors have spent many days scanning and researching various sites. This
13th edition of our guide features the
sites we have rated as ¡°Best of the Net¡±
for the most common investment needs.
This year, we present our findings in a
new, easier-to-use format. The first section presents the Best of the Net sites
that we have determined for each major
subject area. The second section is an
alphabetical listing of the individual
sites, with more information on the
individual sites, why we like them,
and how to find information within
each site.
To facilitate use of the guide, AAII¡¯s
Web site at presents
the top sites with hyperlinks directly
to each site, along with an illustrative
screen shot.
The Best of the Net Ratings
AAII awards a Best of the Net rating
to sites that provide investment information or service that, in our view, is
both useful and substantial to individual
investors and available either for free or
for a reasonable price.
Most sites listed here provide the
information or service that we are
reviewing free of charge. Some offer
basic information for free and charge
various rates for more in-depth data
or expanded services, such as real-time
quotes. In the alphabetical listings, we
show the lowest and highest rates to
give you a general idea of the range;
visit the sites for complete details on
pricing. Where fees are charged, we
note which sites offer a free trial.
Sites that provide advisory services
for a substantial fee are not covered as
these are geared toward institutional
investors and highly sophisticated
investors.
Other types of sites not included
here are covered in other AAII venues:
broker sites are investigated annually in
the AAII Journal and in Computerized
Investing; and mutual fund family sites
are listed in AAII¡¯s annual Individual
Investor¡¯s Guide to the Top Mutual
Funds. We also publish a guide to
exchange-traded funds each year in the
October AAII Journal. You can access
these special articles year-round in the
AAII Guides area of .
Keep in mind that the Web is
constantly evolving. Sites can change
drastically in a short period of time. Be
sure to verify the source of information
or provider of a service when using
Web sites. And read the fine print on
pricing before agreeing to pay for any
data or investment service. ?
Research for this article was contributed by AAII editors Jean Henrich, Cara Scatizzi, Maria Crawford Scott, and Wayne A.
Thorp, CFA.
Copyright ? 2009
American Association of Individual Investors and its licensors. All rights reserved.
13
AAII¡¯s Best of the Net: Our Top Picks
Presented below are our top picks¡ªthe Web sites we think provide the best coverage for each major subject
area. The individual sites are described in more detail in our alphabetical listing, which starts on page 18.
Comprehensive
Comprehensive investment Web sites offer the typical
individual investor an ample collection of financial data and
analytical tools. You can expect to find portfolio management
and analysis tools; market, industry and economic news and
data; detailed stock and mutual fund data, as well as data on
ETFs; technical charting; stock and mutual fund screening
tools; message boards; and financial planning tools.
The sites below offer the most in-depth and complete data,
as well as the most sophisticated tools.
??? MSN Money
???
??? Yahoo! Finance
STOCKS
ommendations are usually found in a Web site¡¯s quotes area.
You type in a ticker symbol and then select earnings estimates
or analyst reports from a list or tab. Most sites provide this
information for free; a few charge a subscription fee for indepth data.
The top sites in this category provide analysts¡¯ consensus
earnings estimates for the current fiscal quarter and year, as
well as going forward for the next few quarters and years. In
addition, the top sites offer consensus buy/hold/sell ratings
for a given security and track this rating over time.
??? AOL Money & Finance
???
??? Reuters
Stock Screening
An initial public offering (IPO) is the first sale of stock by a
company to the public. Sites devoted to IPOs generally provide registration statements filed with the SEC and calendars
denoting important IPO dates.
The sites listed below offer the most complete IPO information, including additional information on the actual offering,
as well as follow-up data on the stock¡¯s performance after the
first day of trading, information on secondary offerings, and
other useful information for evaluating IPOs.
??? 123Jump IPO Center
??? EDGAR Online IPO
??? Hoover¡¯s Online IPO Central
??? Renaissance Capital IPO Home
Fundamental stock screening involves running quantitative
filters through the complete universe of stocks to uncover a
few companies that might hold promise and warrant further
analysis. The particular characteristics that investors seek vary
depending upon individual investment philosophies. The
companies passing the filters can then be further examined
and incorporated into one¡¯s portfolio.
The core features of any screening system are its screening
capabilities and richness of data. The sites listed here provide
access to a wide range of fundamental variables and allow you
to screen against a constant value, another field, or against
industry norms.
???
??? MSN Money (Deluxe Screener)
??? (fee-based)
Stock Data
Stock Charting & Technical Analysis
Analyst Estimates, Ratings, & Recommendations
Stock Valuation & Ratings
IPOs
Those researching company fundamentals on-line have a
wealth of sites to choose from, many offering robust information at no cost. Fundamental data is typically accessed by
typing in a ticker symbol or company name at a quotes or
research prompt on the home page.
Superior sites offer detailed financial statement data, earnings
estimates, and company and industry analysis. The depth and
range of data given are what distinguish the sites highlighted
here from each other. Bonus features found at these sites
may include market and industry comparative statistics and
education on stock valuation techniques.
??? AOL Money & Finance
??? Reuters
???
Consensus earnings estimates and analyst ratings and rec-
14
Technical analysis attempts to forecast price movements in
a stock, bond, mutual fund, or option by examining how the
market price and volume behave over time. Stock charting
and technical analysis sites allow users to create price charts of
securities and indexes, as well as overlay technical indicators.
The top sites in this category allow users to modify the
parameters of indicators, such as the time period over which
they are calculated. Some of the more robust sites will offer
technical screening, where users can screen a universe of securities based on technical indicators or chart patterns. These
sites also provide educational material on technical analysis.
???
???
???
While it is easy to look up the current price of a stock,
Guide to the Top Investment Web Sites 2009
AAII¡¯s Top Investment Web Sites
determining its true value is a much more difficult process.
Many techniques are in use today to assign value to stocks.
Sites offering stock valuations will typically provide a fair
intrinsic value for a company¡¯s stock, which represents an
estimate of what a stock should be priced given current estimates of growth, risk, and market conditions. Others rate a
stock on a numerical scale. Keep in mind that the valuation
and ratings provided by such sites are based on estimates and
assumptions; look for documentation of the model(s) used
and the underlying assumptions.
The top sites listed here allow you to specify underlying
assumptions, such as growth or discount rates.
??? Moneychimp
??? MSN Money
??? (fee-based)
The top fund screening sites offer the most in-depth screening and ranking capabilities, the largest fund universes, and
the most frequently updated data.
???
??? MSN Money
??? (fee-based)
Exchange-Traded Funds
Exchange-traded funds (ETFs) have become an increasingly
popular alternative to traditional open-ended mutual funds.
The top ETF Web sites provide the same type of coverage
as the mutual fund data sites, but for exchange-traded funds.
??? ETF Connect
???
???
Market Index Statistics
Investors follow market indexes to keep abreast of movements
in various segments of the market and to compare investment
performance with an appropriate market benchmark.
The top sites listed below provide in-depth data on the most
well-known indexes, including historical total return values,
composition, fundamental characteristics, and information on
the methodology used to construct, rebalance and calculate
the index.
??? Dow Jones Indexes
??? MSCI Barra
??? Russell
??? Standard & Poor¡¯s
??? Wilshire Associates
FUNDS
Mutual Fund Data
The top Web sites for mutual fund data cover the most
complete universe of funds and provide an abundance of
relevant data to assist in the selection and monitoring of your
mutual fund portfolio. Fund information is usually divided
into three areas: performance statistics, portfolio composition and characteristics, and fund operation and services.
Performance statistics usually include annual returns as well as
annualized returns for longer holding periods, risk measures,
risk-adjusted return figures, and rankings and comparisons
to indexes or other funds. Portfolio information will include
top holdings, industry percentages, asset allocation, as well
as summary statistics.
???
??? MSN Money
???
??? Yahoo! Finance
Mutual Fund Screening
Mutual fund screening modules filter a universe of funds
down to a reasonably sized group for easier analysis.
Guide to the Top Investment Web Sites 2009
OTHER INVESTMENTS
International
Since the needs of the investor seeking international investments are broad, the top sites listed here provide a range of
features or links to additional resources that may more closely
match your interests.
???
??? BNY Mellon Depositary Receipts
??? CIA World Factbook
??? Euroland
Bonds
The bond market is a dealer¡¯s market, and there is no single
source that can provide a complete listing of all bond issues
available. The Internet, however, does offer an ideal way for
investors to shop around, ask questions, compare offers, and
get educational information. Several sites provide more extensive listings than are available in the daily print financial
press. In addition, the U.S. government¡¯s TreasuryDirect
system allows individual investors to easily buy newly issued
Treasuries and savings bonds directly from the U.S. Treasury
without paying a commission.
??? FINRA Bond Market Data
???
??? TreasuryDirect
REITs
Real estate investment trusts (REITs) provide small investors a way to add a real estate component to their portfolios.
Around 130 REITs are publicly traded on the stock exchanges,
so in many cases you can find data and news on REITs at the
sites that offer stock quotes and fundamentals (see Stock Data
on page 14). FitchRatings, S&P and Moody¡¯s provide ratings
on the debt held by REITs. MSN Money¡¯s Stock Screener
at moneycentral. also allows you to filter for REITs
in the major segments. However, the two sites listed here
provide the best educational information, along with articles
15
on the industry and details and ratings on individual REITs.
???
???
Options/Futures
These sites provide the most complete educational information and statistics on stock and index options and futures. Look
for in-depth explanations of the various instruments and how
to use basic strategies, as well as full explanations of the risks
involved. The trend is to provide education through webcasts,
downloadable podcasts and interactive tools. Sites that offer
advisory services for researching and tracking options carry
hefty fees and are not covered here.
??? Chicago Board Options Exchange (CBOE)
??? Commodity Futures Trading Commission
(CFTC)
??? Options Industry Council
FINANCIAL PLANNING
Personal Finance
Personal finance encompasses the broad array of financial
concerns most individuals must deal with throughout their
lifetime, including banking, insurance, savings, taxes, healthcare issues and all kinds of financial planning. Many investor
Web sites cover at least one aspect of personal finance, but the
sites we have listed below offer extensive coverage of a range
of personal finance issues. These sites provide information on
mortgages, auto loans and other personal loans, credit cards,
CDs, money market accounts and insurance, and most also have
numerous calculators, planning tools and educational materials
that can help you with various financial decisions including
budgeting, asset allocation, college planning, healthcare decisions, tax planning, estate planning and retirement planning.
???
??? CNN/Money
??? MSN Money
???
??? Yahoo! Finance
Retirement Planning
Retirement planning focuses on calculators and other tools
that can help you determine how much you need to save
for retirement and how much you can safely spend during
retirement. Most comprehensive personal finance Web sites
include retirement planning tools for individuals who have
not yet reached retirement and need to determine how much
to save; far fewer Web sites include low-cost calculators for
investors at or near retirement, who typically are looking for
tools to determine how much they can safely spend during
retirement. The list below focuses on the best retirement calculators for those investors who are at or near retirement, and
where on the Web site those tools can be found. (Be sure to
pay attention to the navigation instructions, since some of the
16
sites have other calculators with similar-sounding functions.)
???
??? T. Rowe Price
??? Vanguard
Estate Planning
While many comprehensive financial planning Web sites
have a few generalized estate planning articles, the Web sites
listed below are much more specialized; they can help you
determine your estate planning needs, as well as who and
where to turn to for more help. These sites tend to be very
dry¡ªthey basically provide in-depth articles on estate planning, with little or no graphics, and not much interactivity.
In addition, several have not been updated for several years,
although the estate planning laws have not changed substantially in the last year or two. However, their content is
solid¡ªand accessible at no charge.
??? Financial Planning Toolkit
??? Nolo
???
Tax Information
As taxes get more complex, the on-line tax preparation business continues to boom. However, the growth of these services
has resulted in a shrinking amount of free information that
actually explains taxes. The Web sites we list below offer the
best chance for you to find the explanations you are looking
for before turning to an accountant or other costly source.
These sites typically offer explanations of general tax issues,
tips on cutting taxes, tax planning tools and estimators, and
overviews of recent tax law changes. Tax preparation software
and services are not covered.
??? Financial Planning Toolkit
??? H&R Block
??? Internal Revenue Service
??? Sister States Tax Directory
??? Yahoo! Finance/Taxes
Portfolio Tracking
These Web sites offer portfolio management functions
via portfolio tools called on-line portfolio trackers. On-line
portfolio tracking tools help you keep tabs on your portfolio
and can notify you of current events that might affect your
holdings. Most sites offer automatic data updates and timely
E-mail alerts as well as access to multiple news services. The best
sites let you track a large number of portfolios and securities,
handle a broad array of types of securities and transactions,
and refresh data more frequently and automatically.
???
??? MSN Money
??? RiskGrades
???
Guide to the Top Investment Web Sites 2009
AAII¡¯s Top Investment Web Sites
INSURANCE PRODUCTS
Immediate Annuities
An immediate annuity, or income annuity, is an insurance
product that provides guaranteed payments to an investor over
a specified period of time, funded through a lum-sum payment.
Immediate annuities offer a useful fixed-income alternative for
retirees. However, they are complex investments that have tax
structures and fee schedules that must be understood before
a purchasing decision can be made.
The sites listed below provide the most extensive educational
information, as well as policy quotes.
???
???
???
???
Life Insurance
Insurance sites provide educational information or quote
comparisons for life insurance products. Look for interactive
calculators to help you determine your insurance needs. The
top sites listed here provide education on the different types
of life insurance and when they are appropriate. Also included
is the NAIC, where you can check out a company or report
suspected fraud.
??? Katt & Company
??? LIFE (Life and Health Insurance Foundation
for Education)
???
??? National Association of Insurance
Commissioners (NAIC)
Long-Term Care Insurance
Long-term care insurance is purchased with an annual premium; during the benefit period, it provides funds that you
can use to pay for care, either in your home or in a facility,
with no tax liability on the benefit payments.
The sites listed below provide the most complete information
on long-term care insurance to help you decide what type of
coverage you need and understand general policy choices and
benefits. Look for checklists that you can use when comparing
policies and sites that allow you to check out an insurance
company for past complaints.
??? LIFE (Life and Health Insurance Foundation
for Education)
??? National Association of Insurance
Commissioners (NAIC)
??? National Clearinghouse for Long-Term
Care Information
Medicare
Medicare currently provides health insurance coverage to
those who are 65 or older, as well as certain individuals with
disabilities. The Web offers extensive information on Medicare,
but the sites listed here offer the best information relating to
Guide to the Top Investment Web Sites 2009
basic coverage issues, benefits offered, how to enroll, how to
choose your options and how to compare plans.
??? American Association of Retired Persons
(AARP)
??? Medicare Rights Center
???
MISCELLANEOUS
Financial News & Analysis
These Web sites offer links to current market, economic
and individual company or mutual fund news. News items
most often appear in the form of linked headlines, breaking
news stories, in-depth reports, and feature articles. Company
and fund quotes, charts, reports, and profiles are also found
at these sites to help further your analysis.
The top sites offer the widest array of newswire services, stories
and articles, along with the best availability and timeliness of
market snapshot reports, E-mail alerts, in-depth market data
and statistics, coverage of international/world market indexes,
and links to audio/video/webcast programming.
???
??? CNN/Money
???
???
Economic Data
Access to economic data and analyses can be especially useful to individual investors who want to assess the economic
climate on their own.
The Web sites listed below include government sites as well
as private sites, most of which provide both data and analyses;
some even allow users to download economic data series.
??? Bureau of Economic Analysis (U.S. Dept. of
Commerce)
??? Federal Reserve
???
Social Media & Networking
Social media and networking sites are based on user participation and user-generated content. This differs from most
other financial and investing Web sites, where users merely
read content provided by the Web site.
These sites allow users to exchange opinions, insights, experiences, and perspectives with each other about individual
securities, investment practices, etc. Social media can take
many different forms, including Internet forums or message
boards, weblogs (blogs), wikis (user-driven information centers), and podcasts. The top sites for investor social media
and networking are listed below.
??? Motley Fool CAPS
??? wikinvest
??? Yahoo! Finance
Turn to the next page for descriptions of what each Web site listed here offers.
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