Regular readers of this site have seen this from me before: information is cheap but meaning is expensive. But that wasn’t always the case.
For most of its existence, the investment business was driven by information. Those who had it hoarded and guarded it. They tended to dominate the markets too, because good information could be so very hard to come by. But the inexorable march of time as well as the growth and development of information technology has changed the nature of the investment “game” dramatically. Success in the markets today is driven by analysis — in other words, meaning. Continue reading