I agree that insider trading is an unlikely explanation for the reason you mention. It could be that an early algorithmic advantage compounded into an incumben

I agree that insider trading is an unlikely explanation for the reason you mention. It could be that an early algorithmic advantage compounded into an incumbency advantage: better research tools; better data; better pay for better scientists. The 'secret sauce' may have started out as novel discoveries and, over time, become 'just being RenTec'.