ShareSoc
INVESTOR ACADEMY

Investment Forums

Electronic “Investment Forums”, aka “bulletin boards”, “discussion forums” etc constitute a useful resource for likeminded investors to exchange views and report news. They are also a good place for posing questions and, sometimes, for learning from skilled investors. However, treat with caution! In some forums there is much “noise” and meaningless chatter, which can harm your investment performance by distracting you from the matters that really count. There is a good article and discussion on this here. Bear in mind that many posters post anonymously (sometimes for perfectly valid reasons, such as privacy) so one should be wary of their credibility. Over time, however, you tend to learn which posters can be trusted and which not, from the depth of content and supporting evidence for their posts.

Avoid comment focusing on short-term share price movement: no one can predict that with any accuracy, likewise anyone claiming to have non-public (inside) information should be treated with deep suspicion. If the information is true, they are committing the offence of market abuse by disseminating it unofficially, conversely, if not true it is also market abuse, by deception. Either way, they are attempting to do something illegal and should not be trusted. Of course, if non-obvious information concerning an investment is referenced to a reputable source, e.g. a newspaper, that information is public and there is no problem with disseminating it. Such references are often useful and enhance the credibility of the poster.

Another pitfall to be wary of when using forums is that they can lead to “groupthink” or “confirmation bias”. Discussion on a particular company will tend to be dominated by enthusiasts for that company, meaning that the focus tends to be on the bullish points favouring investment in that company. A shrewd investor, however, should consider the negatives as well as the positives. Posters pointing out such negatives are often shunned, ridiculed or assumed to be malicious by others involved in the discussion. Instead, their alternative points of view should be welcomed and considered – as long as backed up by evidence (the same applies to positive comment). It is healthy to have a balanced view of potential risks as well as rewards.

A number of widely used forums are catalogued below. Each has its own idiosyncrasies, but by giving them a try you can discovered which, if any, you find useful (click on the logos to try the sites). You may have to register with a site (free of charge) in order to access discussion content.

Most of the discussion on Stockopedia centres around Paul Scott’s daily “smallcap value reports”, in which daily news around smallcap companies is analysed and discussed. The standard of discussion and analysis is generally quite high and can be rather useful in identifying potential investment opportunities.

In addition, numerous articles are posted on a variety of investment themes. The site’s editors tend to focus on quantitative investment methods. You can filter the discussion theme to focus on topics or companies of interest to you.

Stockopedia discussion can readily be moderated, which helps to ensure that the discussion (generally!) remains civilized and pertinent.

The “Free BB” section of the ADVFN site contains one of the most comprehensive discussion forums for UK investors. The discussion is heavily oriented around individual companies, accessed by entering the company’s ticker in the box next to the “EPIC” button and then pressing that button. There is at least one dedicated discussion thread around pretty much every listed and quoted UK company. Beware though! The discussion is virtually unmoderated and the quality of much of the discussion is low. In fact, a very active discussion around a company can be a contrary indicator, suggesting that it is attracting inexperienced and speculative investors. Conversely, a paucity of discussion may suggest that a company is being overlooked and may be worth further investigation.

If you are able to assist us with a description of this site, please use the feedback form.

Group description:	SIGnet Taunton is a new group with around 10 keen members at present, with a range of investment styles and experience. We welcome new members.
Meeting Type/Venue:	In person meetings at a golf club near to the centre of Taunton.
Meeting Frequency/Timing:	We meet on the first Monday of every month at a golf club near to the centre of Taunton, 11am until 3pm with a lunch break.

Group description:	An online group for those who are new to investing, or have only been investing for a few years. Including topics such as: – What is a share or a bond, why and how to buy them. – Comparing funds, unit trusts, Investment trusts and exchange traded funds. – Portfolio management and diversification. – ISAs, pensions, SIPPS and how to save tax. – How terms such as PE ratio and dividend yield are used to value a share. – How to use technical analysis or charting.
Meeting Type/Venue:	Online using Zoom.
Meeting Frequency/Timing:	Meetings are usually held on the last Monday of the month at 7:00pm.

Group description:	An online group for those who already have some experience in investing. Covering topics such as finding companies to invest in, financial statements and ratios, valuation / margin of safety, analysis of companies and investment trusts and exchange traded funds.
Meeting Type/Venue:	Online using Zoom.
Meeting Frequency/Timing:	Meetings are usually held on the last Wednesday of the month at 7:00pm.

Group description:	The Equity Income Group welcomes investors of all levels of experience, from beginners to advanced. The focus of meetings is on dividend paying Investment Trusts, though there is also discussion around individual shares.
Meeting Type/Venue:	Meetings are held online.
Meeting Frequency/Timing:	Meetings are held every 6 weeks on a weekday between 7 and 8:30pm.

Group description:	The Group welcomes investors of all levels of experience, from beginners to advanced. The focus of meetings is on all types of income generating financial instruments, from stocks through Trusts and Funds and ETFs to retail bonds. Meetings involve presentations from members, who are also expected to lead discussions from time to time, as well as discussions on what has been bought and sold since the last meeting.
Meeting Type/Venue:	Meetings are in-person in a venue in Central London.
Meeting Frequency/Timing:	Meetings are usually held on the last Thursday of every other month, starting with an informal lunch around 1pm followed by discussions until around 5pm.

Group description:	A welcoming group open to all types of investors. Typical meeting content is to have a deep dive presentation on a topic selected by the participants and a session on buy/ sell/ key lessons learnt last month.
Meeting Type/Venue:	In person at a friendly pub close to Piccadilly Circus
Meeting Frequency/Timing:	Monthly during the evening on the first Wednesday of the month.

Group description:	Our group is a broad church that contains investors of varying experience. Our members’ backgrounds are diverse and include corporate banking, engineering, teaching and the leisure industry. We generally pick a discussion topic for every meeting, e.g. housebuilders or the defence industry, and members are invited to research and discuss different aspects or companies within that industry. We also discuss stocks and investment trusts that we have bought, sold or are interested in and the reasons behind our decisions, and try to make sense of the ever changing investment environment. Discussions are robust and challenging but we are a friendly and approachable group who welcome investors of all levels – we just ask that you contribute, at whatever level you can.
Meeting Type/Venue:	Our meetings are held in a private room at a nice pub near to South Ealing tube station (Piccadilly Line), not far from Ealing Broadway (District, Central and Elizabeth Line).
Meeting Frequency/Timing:	We meet every 2 months, usually on a Wednesday morning at 11am.

Group description:	All levels of experience welcome. A typical meeting agenda includes: – Macro Environment – Trades: Members review existing positions and identify securities with promising TA entry patterns or setups and with suitable risk/reward. Any security, long, short, futures, options may be considered. The convener takes actual positions in trades and maintains his own detailed ledger, accurately measuring performance of individual securities and cumulative activity. Members are notified by e-mail prior to the entries or exits that are decided upon. Following each meeting an updated copy of the ledger is circulated together with the next meeting agenda. Members may wish to maintain similar ledgers of their own but there is no obligation to do so. – Technical Analysis: Techniques and systems used in trades. Members can request discussion of particular aspects of TA.
Meeting Type/Venue:	Online via Zoom
Meeting Frequency/Timing:	The first Tuesday of every month from 7 to 9pm

Group description:	Open to all investors / people with an interest in investing. Typical meeting will involve members talking about recent purchases, successes, failures and possible future purchases. Also with occasional visiting speakers or members making presentations on a topic of interest.
Meeting Type/Venue:	We aim to meet on the last Tuesday of each month in a private room at a pub in Playhatch. Start time 7pm with members encouraged to meet up around 6pm for a bite to eat / drink before hand, if their diaries allow.
Meeting Frequency/Timing:	7pm on the last Tuesday of the month. Meetings likely to last about two hours but with informal ‘overspill’ before / after.