I was recently speaking to one of the directors of ShareSoc, the private investor group (a worthwhile membership if you are a keen investor) and learned that just under half their members have a portfolio worth over £1m. Yet UK private investors are, in my experience, not nearly willing enough to invest in tools and education to improve the performance of their portfolios. It made me wonder how much it might cost to equip yourself to be an effective private investor.
In my view, a private investor needs several inputs to be effective and to maximise efficiency:
1. Price data: some form of software that will give share prices and past trends.
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