I went for a 7-mile run on the treadmill this morning. I watched the Tour de France. It got me thinking about something I read a few months ago on Howard Lindzon’s blog. One of his ten years of blogging lessons comes to mind:
“Invest in yourself and your network. One of the oldest races is the ‘Tour De France’. The ‘peloton’ is a french word originally meaning ‘platoon’. A well developed peloton helps reduce ‘drag’ or as I like to say, speeds you up by as much as 40 percent.”
And that got me thinking about my own peloton. For me, I think it goes beyond people (although that’s certainly a part of it). I also owe thanks to Howard for creating StockTwits, and helping me find some of my own peloton members.
In terms of tools though, here are some things that I’d be hard-pressed to live without:
- Finviz.com: This is just one of the most robust and easy to use stock screeners. I’ve done tons of videos about free FinViz stock screens. It’s just a great tool for finding stock ideas.
- Morningstar.ca: I just love that Morningstar has 10 year historical financial data for almost every stock. It’s a great way to start analyzing investment opportunities. I’m very grateful for this free data source.
- Google Spreadsheets: These free online spreadsheets are my favourite way to keep my abreast of potential opportunities. You can easily pull data in from Google Finance too, which creates powerful sheets that automatically update.
- My Broker: Having a low-cost broker with good execution is critical to success in the stock markets. Low commissions help reduce drag. I also like that my broker has advanced order types, like conditional orders, which can help me customize the way I get filled to try and avoid getting stopped out on head fakes.
Remember, your peloton is what will help you break out from the pack. It’s the boost you need to blaze ahead. Everything else is just the desperate crowd nipping at your heels.
By the way, if you aren’t keeping up with Howard’s blog, you should be. He’s been crushing the Swiss alps with his own peleton.