The sense check here is "If I had a large team of people reading 10-k reports, could I profit from the analysis?". Well, it turns out this is exactly what many

The sense check here is "If I had a large team of people reading 10-k reports, could I profit from the analysis?". Well, it turns out this is exactly what many asset managers do. If it was easy to profit from this sort of information, we'd be awash with asset managers beating the market. We aren't. There are two mutually exclusive conclusions that you could draw from this: one, the informational advantage you get from reading company reports is small, and TFA is overstating their case. Two, convnets have discovered a way of reading reports that conveys a big advantage, and further, human readers can't replicate the process. My money is on the first hypothesis. The second is an enormous claim, and so demands an enormous amount of evidence.