> Shouldn't this be the first thing to be automated in the world of investment research? People generally don't like to dig their own information graves so to

> Shouldn't this be the first thing to be automated in the world of investment research? People generally don't like to dig their own information graves so to speak. Reducing information asymmetries is not the objective of investment research or finance more generally. The only objective is to profitably intermediate financial activity. It generally helps if the clients are not particularly information technology savvy. Having said that, the obscurity-by-PDF moat looks like its drying up fast.