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It’s a good thing and a bad thing, but these days there’s myriad options for investors and traders looking for free or low-cost “wisdom.” That’s particularly true for younger, technology-inclined demographics who leverage sources such as Reddit, Tik Tok and X, among others for investing ideas and trading tips.
Not to be lost in the shuffle are podcasts, plenty of which are dedicated to investing. As there’s no shortage of “experts” on social media willing to opine on investing and trading, there’s a plethora of related podcasts. However, market participants face the same issue with podcasts that they do with using social media for investing tips: How to adequately judge quality.
New research from the University of Georgia Terry College of Business attempts to do just that. It’s an important, worthy endeavor because as the researchers point out, investing podcasts are one of the fastest-growing segments in that medium. What the researchers found is worth considering by all retail investors, particularly those that are avid podcast fans.
Do Investing Podcasts Lift Returns?
That’s the burning question and the pursuit of better trades or portfolio performance is usually the reason a retail investor tunes into a podcast. On that note, what the Georgia researchers found is interesting, that it doesn’t necessarily the question in yes/no fashion.
“Given the substantial growth in podcasting and investors’ increasing reliance on alternative information sources, our expectation is that investing podcasts will influence trading activity, particularly for retail investors,” according to the study. “However, whether investing podcasts help less-informed investors to better understand and process information is less clear.”
The Georgia research holds weight because the researchers analyzed nearly 50,000 episodes of almost 1,800 shows spanning 2008 to 2022 – a period featuring a variety of market environments, including the global financial crisis, four presidential elections and the coronavirus pandemic. The Georgia study found that in the three days following a stock’s mention on a podcast – presumably a trusted, widely podcast – trading activity in the stock in question increased. But there’s more to the story.
“Surges in extra trading didn’t seem based on name recognition or social media buzz but on well-considered information,” according to the Georgia research. “We find that investing podcast discussion around earnings announcements is associated with not only increased retail trading but, more importantly, significant reductions in information asymmetry. This evidence is consistent with the notion that investing podcasts aid less-informed investors in their processing of important firm disclosures, reducing their information disadvantage.”
There’s Value in the Right Investing Podcasts
Obviously, “good” and “right” are in the eye of the beholder, but there is value in investing podcasts. Some of that value is derived from the risks associated with consuming investing information on forums such as Reddit, StockTwits or X. Often times, the presented analysis lacks depth and is more opinion-driven.
The opinion element is heightened with stocks that are social media darlings or heavily mentioned in such forums. Take the case of Ondas (ONDS) and go look at the chatter regarding that name on StockTwits. It’s a fun battleground of bulls and bears, but not necessarily enough to inform a buy/sell decision.
By leveraging a long-form approach, solid investing podcasts cut through the noise while, as the Georgia researchers note, enhancing connectivity and trust among listeners even though they can’t directly join the discussion as they can on Reddit or X. Even without direct participation, investors derive value from listening to (the right) podcasts.
“Podcast discussions helped retail investors reduce information asymmetry – when one party in an economic transaction has more or better information than the other – by 22%,” note the Georgia researchers. “Users report that podcasts are 23 times more trustworthy and authentic than social media, with two in three listeners ages 18–34 finding podcast hosts to be the single most authentic media figures.”
Consider those points before downloading your next podcast.
Related: The Biggest Risks Facing Investors in the Second Half of 2026