Yes, that's mostly correct. But I'm not sure what your question is. It's not enough to have the data, you also have to have reasonable confidence in how the pri

Yes, that's mostly correct. But I'm not sure what your question is. It's not enough to have the data, you also have to have reasonable confidence in how the price will change once the information does impact the market. There's practically an eternity of information available, but you can't use all of it. You have to pick and choose. Moreover, you have to choose how much to weight any particular set of data with respect to another. This is not to say that most hedge funds are right to ignore any given set of meaningful data. It just means that they have to make decisions about which data to use and how much they'll prioritize it. Then they have to see if they have the requisite infrastructure to trade on that information before anyone else.