How to Use the Bloomberg Terminal Reuters’ domain, but Bloomberg has made a big push to take...

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HowtoUsetheBloombergTerminal

Bloomberghistory:

• MichaelBloombergwasthefounder• Startedthecompanyin1981witha$10millionseverancepackagefrom

SalomonBrothers,wherehehadbeenabondtrader• ``One-stopshop’’forfinancialmarketprofessionals• MaincompetitorisReuters• AlthoughincreasinglytheInternetitselfisacompetitor• About325,000terminalsworldwide• AbouthalfintheU.S.,whichcanbeanissueforjournalistsbased

elsewhere• Andtheyain’tcheap• Ifyoudothemathonthatpricetimes325,000terminalsworldwide,that’s

significantrevenue• Clientsaremoneymanagers,traders,brokers,analysts,centralbanks,

corporatetreasurydepartments,governmentfinanceministries

Forajournalist,what’sagoodstartingpointforusingtheterminal?

• TOP;23yearsafterIfirstusedtheterminal,IstillautomaticallygotoTopfirst

• Topstoriesoftheday• SpecialtyTops(withouttheoutlineformat)• Toseealist,typeTOPbutdon’thitenter;thenclickon``More

Functions’’under``Functions’’• READ<Go>• <End/Back>isthe``go-back-to-the-last-screen’’key• TheyellowkeysarehelpfulforusingtheBloomberg• Youcanalwaysenterawordinthesearchfieldtohuntfor

something–withorwithouthittingenter• Let’ssayyou’relookingforinformationonaparticularcountry–

HowaboutGabon?

Howcanyouusetheterminal?

• Newsstories:• NH(Newsallsources)• Iusuallyleaveonescreenonthis,andtrytohavetheNHtickerat

thebottomofwhateverscreenI’musing• NH``MoreFunctions’’showsyouallthenewsservicestheterminal

has• Afewexamples:• NHBN(Bloomberg)• NHNYT(NewYorkTimes)• NHAPW(AssociatedPress)• NHWPT(WashingtonPost)• NHDPA(DeutschePresse-Agentur)

KeyNI(NewsIndustry)Codes

• ``NI’’standsfor``NewsIndustry’’• NIwithouthitting<Go>andthen``MoreFunctions’’givesyoualist,

butit’sverylong• Countries/Regions:• NIUS(UnitedStates)• NIUK(UnitedKingdom)• NIJP(Japan)• NIGER(Germany)• NIMEX(Mexico)• NILATAM(LatinAmerica)• Ifyouwanttofiltersoit’sjustonenewssource,typethesource

you’relookingforattheend:NIUSBN(NewsIndustry,U.S.,BloombergNews)

MoreNIcodes

• Topics• NITRD(Trade)• NIECO(Economics)• NIFX(ForeignExchange)• NITEC(Technology)• NISOF(Software)• NIHWY(Internet)• Cananyoneguesswhythecodeis``HWY’’?• NIMNA(MergersandAcquisitions)• Youcancross-referenceusingTNI

Markets:

• WEI(WorldEquityIndices)• Realtime• WanttoseethedaytheDowcrashedin1929?• INDU(thecodefortheDowJones)<Index>GP<Go>• QRwilltellyouliterallysecond-by-secondwhatanindexisdoing• Andwhatitdoessecond-by-secondmatterstoalotofclients• Worldwide• WanttoseewhattheLaosStockExchangehasdonerecently?• Type``LaosStock’’,andthen``SearchforLaosStock’’• WB(WorldBonds);Remember,MichaelBloombergwasabondtrader• Bondsmayseemesotericandtechnical,butfundamentally,theyrepresentthepriceof

money,andthere’snothingmoreimportantintheBloombergworldthanthat• BondtradersareacoremarketforBloomberg,asabondtraderIusedtotalkinthe

Bahamasisacasestudy• Alsorealtime

Companies:

• Youcanfindthenamesofcompaniesbyjustenteringitinthecursorfield• Oryoucangetlistsofcompaniesonstockexchanges• Let’staketheDowJonesIndustrial• INDU<Index>MEMB(Members)• Nowyou’vegotalistofthecompaniesthatmakeuptheDowJones

IndustrialAverage(Youcandothisforotherstockexchangesaswell)• Let’stakealookatonecompanyandseewhatinformationisavailable• Right-clickonthecompany• DESisagoodbasepagetostartwith(Description);Clickon``More’’• Marketvalue• Headquarters• Numberofemployees• Pageforwardforfinancialinformation

Companies(cont.):

• Ontheterminal,thetemplateforfindinginformationonacompany:

• (Corporatecode)(e.g.,AAPLUS)<Equity>,andthen...• DES(Description)• CN(Companynews)• CNBN(JustBloombergstories)• HDSforshareholders–Thiscanbeveryusefulforstories• Let’ssayyouwanttoknowifthestateofCaliforniahasshares

inApple• GP(Graph)• CFforcompanyfilings

Companyfilings

• NHEDG(Edgar;ElectronicDataGathering,AnalysisandRetrievalsystem;companieswhoarerequiredtofileformswiththeSEC);thenwordsearchonthecompany

• ButtheCFfunction(fromthepreviousscreenisprobablyabetterwaytodothis)

• InCanadait’scalledSEDAR(SystemforElectronicDocumentAnalysisandRetrieval);ontheBloombergit’sNHSDR

• Lookfor10Ksand10Qs(Requiredregularreports)• Earningscallsundercompanyfilings(theCFfunction)–Mystudentsusedthisa

lot• Agreatwaytogetquotesforstorieswithouthavingtogetthequoteyourself!• Wordsearchesonearningscalltranscripts;let’ssayyouwanttoknowwhat

ApplehassaidabouttheAppleWatch• Youactuallyhavetodownloadthedocument• ThenControlF(Ffor``find’’)

Analystinformation

• ANRafteracompany• SoforApple,itwouldbeAAPLUS<Equity>ANR• Consensusratingsinupperleft-handcorner• Oftenyoucanholdthecursoroveranythinginyellowtofindoutwhatitis,e.g.``ReturnPotential’’

• Forcontactinformation,clickontheanalyst• Youcanhuntforwhethertheanalysthasbeenquotedbefore,andappearstobeamenabletothatbyusing``interview’’,usingBIO,then``RecentNews’’

• Foranalystreports:RESorBRC

Currencies:

• Currencytradingisaworldwithinaworld;thishashistoricallybeenReuters’domain,butBloomberghasmadeabigpushtotakemarketsharefromReutershere

• WCV<Go>(WorldCurrencyValues)• YoucanuseGPtoputthecurrency’sperformanceintograph

format• Againmayseemesoteric,butthiscanbehighlyrelevantfor

newsstories• Forexample,whatifyouwerewritingaboutBrexit,andyou

wantedtoincludetheBritishpound’sperformancesincetheBrexitvote(June23,2016)?GBP<Crncy>GP

• Adjustthetimeframes• NIFX(Newsstoriesaboutcurrencies)

Commodities

• NICMD(Commodities)• NIOIL• Oilisagreatstory,andeasytoreporton;oildrillersare

fundamentallygamblers• OTOP(TopOil)• Oilproduction:<OPEC>;Rightclickonthecountry• CL1<Cmdty>(Oilprice)• Goldiseveneasiertoreportonthanoil,forthesamereasons• GC1<Cmdty>(Goldprice)• Coffeeisanothergreatstory• KC1<Cmdty>(Coffeeprice)• Soisrice• THRQWRGB<Index>(Thairiceprice)

Researchonindividuals

• BIO(Name)• Newsstories• Careerhistory• Address/phonenumber• Networth• Clickon``Billionaireprofile’’• Billionaires:BBIOorRICH• Networthanalysis

Economicindicators

• ECO• Youcanchangethecountry• ECST(Ecostats)• Leftcolumnformoredetail• WECO(Worldeconomy)• CPIYOY<Index>GP(U.S.inflation)• TheFedFundstargetrate:FDTR<Index>ECOS

Economicindicators(cont.):

• GEW(GlobalEconomyWatch)

• Growthrates

• OurpresidentbelievesAmericaiscapableof5-6percentgrowth;youcanfindoutherewhenthelasttimetheU.S.economygrewthatquickly

• TotalGDPofcountry

• Unemploymentrates

• U.S.unemploymentisata50-yearlow

Creditratings

• Yetanothertopicthatseemsesoteric,butthereisnobetterwayofanalyzingacompanyorcountrythanbylookingatthemarket’sassessmentoftheprobabilitythatthecompanyorcountrywillpaybackwhatitowes

• CSDR• RATC(Companycreditratings)• RATD(Ratingdefinitions)• NICRA• TNI(countryname)CRA• NHSPC,NIBMP,NHFII(Standard&Poor’s,Moody’s,Fitch)

Storyideas

• NHWordsearches(``increasingly’’fortrendstories)• OruseNH<Go>tomonitoraparticularbreakingnewsstoryofinterest

• Then``ChinaTariffs’’;``SmartMatch’’• Stat-trendstoriesbasedonOPECproductioncharts;forexample,let’ssayyouwanttoknowifVenezuela’spoliticalcrisisishurtingtheiroilproduction

• OPEC<GO>;rightclickonthecountry• UseGP(Graph)

It’sNotAllPureBusiness,Either...

• NIPOL(Politics)

• AV(Audiovisual)

• Opinion:OPIN<Go>

• BSP(Sports)

• NIENT(Entertainment)

• FLY(Flightconnections)

CityofOaklandStories

• Themostbasic,applyingwhatwe’vejustlearned:NH<Go>,thenenter``Oakland’’

Let’slookforexamplesofwhatwewouldfindthere

ControlFonanydocumentsyoufind,ifnotalreadyhighlighted

CityofOaklandStories(cont.)

• Moreefficientmethod:Oakland<Help>• PortofOaklandcontainershipments;totalshipments

• GP<Go>toseethegraph;HP<Go>toseethenumbers.Theseactuallyshowthatshipmentshavebeenrisingrecently.Therecouldbeastorytofindoutwhy.BeatingChinatariffs?ComingChristmasseason?ThatseemstobearecordhighinJune/August;why?Worthacall.

• Oakland<Help>,thenpageforwardtoPage4• OaklandRedevelopmentAgency• MunicipalcreditriskfortheOaklandRedevelopmentAgency• Creditrisklevelseemstohavedroppedrecently;why?Allthat

moneypouringintoOaklandhousingdevelopmentshelpingout?• Let’slookatbuildingpermits• Greenlineshowsyouthelevel• SeemtohavespikedinDecember/January• Housepriceindex;that’samuchsteadierclimb,andconsistentwith

whatwealreadyknow,andhenceanobviousstory• Clicktwicetoeliminate

• Let’slookatthecityitselfonOakland<Help>,andfollowthesamemethod

• Ifwecallupthecity’smunicipalcreditriskchart...

• Totalassets

• Totalliabilities

• Oops.Thatdoesn’tlookgoodforOakland.Thatcouldbeworthastory.

• Let’slookatsomeofthenewsstorieswecanreadrelatedtothis:• Moody’sassignsbondratingtoOakland• Thisisgreatstuff;agoldmineinhere• ``TheAa2ratingreflectsthecity'slargeanddiversetaxbase,strongandgrowing

economyaswellasanaveragesocioeconomicprofile.’’• ``Theratingalsoincorporatesthecity'saboveaveragedebtburden,aswellasabove

averagepensionandOPEBobligations.’’• ``Aboveaveragedebt’’;``aboveaveragepensionobligations’’–thosesoundpromising

forstories.• ``Thecityhaslongtermbudgetaryandfiscalchallenges,includingpensionandhealth

carecostsandsustaininggrantfundedprogramsinspiteofreducedstateorfederalfunding.’’

• Alsoalotofgristforthestorymillthere–Whichgrant-fundedprogramswillitbeachallengeforthemtosustain?

• ``Thecity'slargeanddiversetaxbasewhichweexpecttoexperienceongoing,moderategrowth,andthecity'slikelycontinuedstrongoperatingperformancedespitelong-termchallenges.’’

• Here’sanotherpotentialgoldminefromtheMoody’sreport:

• AlexandraCimmiyotti LeadAnalystRegionalPFGWestMoody'sInvestorsService,Inc. OneFrontStreetSuite1900 SanFrancisco94111US JOURNALISTS:12125530376 ClientService:12125531653

• Here’sanotherratingsreport,fromFitch:• ``Thecityhaslimitedindependentlegalabilitytoraiseoperatingrevenues,issomewhatconstrainedbyhighcarryingcosts,andtypicallyrequiresone-timemoniestobalanceitsgeneralfundbudget.Nevertheless,itachievessolidgeneralfundbalancesandhasverystronggap-closingcapacity.’’

• Alotofjargoninthere,butthatbitaboutlimitedindependentlegalabilitytoraisemoneysoundsworthfollowingup.

• Sodoes``highcarryingcosts’’and``one-timemonies,’’ifwecangetsomeonetoputthatintoEnglish.

• ``Theeconomycontinuestodiversifyfromahistoricallyindustrialcitytoacommercial,service,andgovernmentalcenter,withanumberoflargehospitalsandarestaurantandentertainmentsectorthatcontinuestogrow.Post-recession,thecityhasbenefitedfromincreasingassessedvaluation,numerousdevelopmentprojects,anddecliningunemployment.’’

• Obviouslythat’smorebig-picturestuff,butataminimumit’susefulbackgroundforstories,andmaybethetransitionthey’redescribingcouldqualifyasastoryinandofitself.

• Thatbitaboutthegrowingrestaurantandentertainmentsectorisinteresting.

• ``Duringtherecession,thecitydemonstrateditsabilitytoworkproductivelywithbargainingunitstoachievelaborconcessions.Thiswasanimportantoffsettothecity'sotherwiselimitedexpenditureflexibilitygivenitshighcarryingcosts.’’

• Goodlaboranglethere• ``Fitchexpectsthecity'slong-termliabilitiestoremainmoderaterelativeto

itsresourcebase,particularlysincefuturegrowthinpensionandOPEBliabilitieshasbeensomewhatmoderatedbypensionreformandincreasedemployeecontributions.Futuredebtissuanceswilllikelybeoffsetatleastpartiallybycurrentdebtrollingoff.’’

• Wonkish,butalsointeresting,particularlythatlastline.IscurrentdebtrollingoffpartlytheRaiderdebt?

• ``Achievinggeneralfundstructuralbalanceisanongoingchallengeforthecitygivenrisingservicecosts,infrastructureandcapitalequipmentneeds,andthelargeproportionofexpensesthatarenon-discretionary.’’

• Thentheygointogreatdetail

• Andagain:• Contact:

PrimaryAnalyst

AlanGibson

Director+1-415-732-7577

FitchRatings,Inc.650CaliforniaStreet,4thFloorSanFrancisco,CA94108

• Here’sagreatnewoneIjustfound.IfyoutypeOaklandPolice&FireAnnualReport<HELP>

• ThisistheRetirementSystem’sannualreport

CityofOaklandStories(Cont.)

• PageforwardtoPage17

• Assetsfell5percentlastyear

• ``Remainingfluctuationsinreceivablesandinvestmentspayableareprimarilyduetoinvestmenttradingatyear-end’’

• Soundstomelikesomeonemadesomebadtrades

• Here’sanothergoodoneIfoundonOakland<Help>

• PageforwardtoOaklandRaidersloan

• Asyoumayknow,thecityofOaklandisconsideringsuingtheRaidersformovingtoLasVegas

• ThesearethetermsoftheirloanforthenewVegasstadium

• $850million• Matures2023• PayingLIBOR(LondonInter-BankOfferedRate)Plus225BasisPoints• FacilityFeeof62.5basispoints• Tobehonest,Ihavenoideaifthosearegoodorbadterms,butif

youweredoingastoryonanythingrelatedtotheRaiderlawsuit,Iimagineyoucouldfindabankertotellyou.Wouldn’titbeagreatadditiontoyourstorytoquotesomeoneassayingtheRaidersoverpaidinVegas?

• GP<Go>tellsyouhowthebondisperformingonthesecondarymarket.Bondsareboughtandsold.Again,I’mnotanexpert,butyoucouldfindonetotellyouhowthat’sperforming.Theperformancewouldinpartbethemarket’sassessmentofthefinancialhealthoftheRaiders

• HowcanyousearchforpubliclytradedcompaniesbasedinOakland

• Andwhydowecareifthey’republiclytraded?

• Actually,Ididn’tknowhowtodothat

• SoIhit<Help><Help>untilIfound``LiveHelp,’’then``ContactHelpDesk’’

CityofOaklandStories(cont.)• Toscreenforcompaniesbythelocationoftheirheadquarters,from{EQS<GO>}:

1)Intheamberfieldunder"AddCriteria",starttyping"Domicile"andselectfieldfromthelistofoptionsthatappears(Country,State,orCityofDomicile).

• Ifoundthatactuallyyouchose`Èqualto‘’• Thentype`Òakland’’beneaththat,andenter• Seewhereitsays``CityofDomicile=`Òakland”?10matches?Clickonthat.• Rightclick;``ViewResultsatthisPoint’’• Then``SeeResults’’• BelowistherestofthemessagefromBloomberg

2)Fromtheconditiondrop-downmenu,select"Include/Exclude".Note:Youcanalsoselect"Nocondition,displayonly"toseethecity/statedisplayedforalistofsecurities.3)Usethepopuptoselectthelocation(s),thenclick"Update".Thecriteriaappearsunderthe"SelectedScreeningCriteria"section.4)Atthebottomofthescreen,click"SeeResults|WATC".Note:Thefulllistofresultswillonlyappearifthenumberofresultsislessthanthesecuritieslimit.Toeditthelimit,fromtheEQSscreeningpageselect"Actions>EditResultLimit".

• Anyway,let’sseewhatwefound

• OroEastMiningInc.(OROEUS<Equity>DES)• Exploresforgold,silver,etc.inthePhilippines• Fouremployees• Wonderwhythey’rebasedinOakland?• Let’sgoto2014pressrelease• ``Thecompany'spresentfocusisondevelopinggoldmine

claimsinCalifornia.OROE'sboardofdirectorsbringtothecompanydecadesofmining,mineralacquisition,andinternationaltradingexperience.ItsmissionnowistorevivethegoldindustryintheUnitedStatesandmergeadvancingChina-developedtechnologywithAmericanminesinhomageofGoldMountain,acornerstoneofAmericanChinesehistoryandlegacy.‘’

• Soundsinteresting,ifalittlefar-fetched

• Let’slookattheirmostrecentfiling,fromlastyear

• Soundsliketheyhadafallingoutofsomesort

• Let’slookattheir10-Q

• BusinessOverview

• Magnique,Inc.,theCompany’sjointventurewithHangZhouCiXiaoTangTechnologyCo.Ltd.,hascontinuedtoremainthemainfocusthispastquarter,giventhevigorofbusinessanddemandofthemineral-infusedholisticwellnesshomecareproducts.Magnique,Inc.hassetupashowroomandgalleryinBurlingame,CaliforniaandawarehouseinHayward,California.Magniquesellspersonalandhomecareproductsthatareinfusedwithmagnetsandmagnetizedminerals,pursuanttoatraditionalChinesephilosophyofwellnessthatusesmagnetismasaformofwellnesspracticeandholisticpersonalcare.

• NegotiationsareintheworkstoresumegoldoreproductionandongoingexplorationandminedevelopmentatbothCarsonHillandRedBank,currentlytheCompany’stwomainmineralprojects.Whentheminingoperationisresuscitated,theRoute49touristattractionventurewithShenzhenCiticInternationalTravelCo.Ltd.willalsobesettoresume.Withitseducationalfocus,theventureattractsstudentsonorganizedschoolfieldtrips.Theventurewasslowoverthesummermonthsbutisexpectedtopickupintheautumnandspringseasons,correspondentwithacademicyearswhenschoolsareinsession.

• Well,theyseemtobealloverthemap.There’sprobablysomekindofastorythere,thoughyou’dhavetothinkaboutwhetherit’sworththetimetopursueit

• Let’strythenextoneonthelist

• PandoraMedia:PUS<Equity>DES

• Assumeyouallknowaboutthem

• Plentyofinfotopileintohere

• Annualreports,shareholders,analystcalls–everythingwe’velearnedabouttoday

• CommunityBankoftheBay:CBYAAUS<Equity>DES• $32.6millionmarketvalue• Let’slookattheirresultsstatement• ``ItisalsoCalifornia’sfirstFDIC-insuredcertifiedCommunityDevelopmentFinancialInstitutionandoneofonlyfournowoperatingintheNorthernCaliforniamarket.ThebankisrecognizedforestablishingtheBayAreaGreenFundtoprovidededicatedfinancingtosustainablebusinessesandprojectsandsupportsenvironmentallyresponsiblevalues.’’

• Theseguyssoundprettycool.Wouldimaginethey’dbethrilledtotalktojournalistsabouttheirbusiness.

• DASANZhoneSolutionsInc.:DZSIUS<Equity>DES• $220millionmarketcap,629employees• DASANZhoneSolutionsInc.designs,develops,andmanufactures

communicationsnetworkequipmentfortelecommunicationsoperatorsandenterprisesacrosstheworld.TheCompany'sproductsprovideenterprisesolutionsthatenablebothnetworkserviceprovidersandenterprisestodeliverhighspeedfiberaccesswhiletransportingvoice,video,anddatatotheenduser.

• Iimaginemostofyouwouldunderstandallofthatbetterthanme• Telecommunicationsserviceprovidersandwirelessandcableoperatorsuse

SLMStooffertheirbusinessandresidentialsubscribersbundledbroadbandInternetaccess,localandlong-distancevoice,andbroadcastvideoservices.ItsproductsareassembledatitsplantinFloridausingcomponentsmanufacturedinAsia.Thecompanyservessome1,000customersworldwide;about70%ofsalescomefromoutsidetheUS.

• Someanalystcoverage,alotofwell-knownshareholders

• Clorox:CLXUS<Equity>DES

• Everyoneknowsaboutthem,right?

• Formula409,Pine-Sol,Glad,Kingsfordcharcoal

• They’dbetoughtogetaninterviewwith,butobviouslyworthwhileifyousucceed

• ElfBeauty:ELFUS<Equity>DES

• Cosmeticsandbeautycompany

• $608millioncompany;that’sprettybig

• Lotsofnewsstoriesaboutthem;lotsofanalystcoverage

• SummitBancsharesInc:SMALUS<Equity>DES

• 43employees

• Notalotofinfoaboutthem;you’dhavetoprobe

• ScientificLearningCorp.(SCILUS<Equity>DES)• Tinycompanyintermsofmarketvalue,but121employees• ScientificLearningCorporationdevelops,markets,andsells

neuroscience-basedsoftwareandeducationalproductsandservicesdesignedtoincreasehumanlearningandperformance.TheCompany'sFastForWordproductisanintensive,computer-basedtrainingprogramthatfocusesonimprovingcriticallanguageandreadingskills.

• Soundsprettyinteresting• Imaginethey’dbehappytotalktojournaliststohypetheir

product

• YoucanalsosearchanalystreportsforreferencestoOakland

• RES

• 09/09/18--``TransportationandLogistics’’JPMorgan

• Let’sseewhat’sthere

• PortofOaklandisoneofninemajorportsinNorthAmerica

• Outofthosenine,rankedseventhinvolumegrowthinJuly,aheadofonlyVancouverandLongBeach

• Westcoastportsseemtobeslowingdown

• Chinatariffsimpact?

• Soyougettheidea–theBloombergcanbeagreatsourceofinfoifyoualreadyknowwhatyouwanttowriteabout

• Butitcanalsoprovidevirtuallyendlessstoryideas,orstring,ortips

• Orjustplainamusement!

• Ifyouspendyourtimelearninghowtouseit

• AndIhopeyoudo!

• Don’thesitatetocontactmewithquestions(Ican’tguaranteeIcananswerthem,butifIcan’tIshouldbeabletofindsomeoneatBloombergwhocan):

• jfolkmanis@berkeley.edu

• Thanksforyourtime–goodluck!

How to Use the Bloomberg Terminal Reuters’ domain, but Bloomberg has made a big push to take...

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