Aussie stock investors flock to Amazon, Afterpay
Australians keen to invest in US stocks were scrambling to know everything they could about Tesla, new research into online searches has found.
Commissioned by financial education firm Invezz, the research found Australians were logging 79,800 online searches a month for Tesla stock as it boomed during the coronavirus pandemic.
In second place was Amazon – which also increased its market share during the pandemic – garnering 44,900 online searches a month.
Leaked Wall Street report predicts Bitcoin to hit US$320k in 2021
From there it was a flurry of tech-heavy stocks: Apple (34,800 searches), Afterpay (21,000 searches), Facebook (20,000 searches) and Netflix (13,300 a month).
The research found that an overwhelming majority of Australians keen to invest in stocks found education and knowledge to be the biggest barrier to entry.
Others said they were waiting to minimise their household budgets to save for investment capital, while more than half said they were prepared to accept the various risks associated with the stock market.
1970s Holden Torana to fetch more than $1 million at auction
Surprisingly just 34 per cent said they would be heavily deterred from investing by negative stock market speculation.
Invezz said it recommends first-timers diversify where possible and invest in companies who operate in sectors you are interested in.
"You are more likely to be intuitive to what's going on if you invest in companies that you have a genuine interest in," the platform recommended.
"If you are aware of their operations, products, key personnel and more, you will make more balanced decisions rather than reactive ones because you have a core understanding.
ASX follows Wall Street's record-breaking jump
"Even in cases where you don't, companies regularly produce a wide variety of documents such as their mission statement, financial statements and shareholder letters, all of which are detailed sources that you can use to educate yourself about a company, its performance and the way it is run."
Another red flag is those looking for quick profit, as it invites too much risk.
"Ask yourself important questions before you invest such as: why am I investing? and how much do I want to invest?" Invezz said.
"If you are simply looking to 'play the market' in search for a quick profit, then you should be wise not to take on too much risk - it's recommended to step into the market with a view to invest for up to five years at the very least."
Financial watchdog to investigate ASX outage
Top 10 Company Stocks by monthly search volume in Australia:
1. Tesla 79,800
2. Amazon 44,900
3. Apple 34,800
4. Afterpay 21,000
5. Facebook 20,000
6. Boeing 13,900
7. Netflix 13,300
8. Uber 8,500
9. Microsoft 4,500
10. Nvidia 3,900
You can get up-to-date information from the Federal Government's Coronavirus Australia app, available on the App Store, Google Play and the Government's WhatsApp channel.
Beyond Blue's Coronavirus Mental Wellbeing Support Service is a 24/7 service free of charge to all Australians. Visit the site here or call 1800512348
For coronavirus breaking news alerts and livestreams straight to your smartphone sign up to the 9News app and set notifications to on at the App Store or Google Play.
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.