“I remember going to dinner at one of these big New York banquet halls where Bernie Ebbers was the guest speaker — and Ebbers was the Chairman and CEO of WorldCom. He came on stage where there was a large screen behind him, he switched it on, and it just showed this upward parabola of his share price. He stood there, paused, and then just said, ‘Any questions?’ Subsequently after that, the share price collapsed, and there would have been quite a few questions for him.” — Charles Carter, Marathon Asset Management

Data analytics, alternative data, and technology have become massive parts of the game for big funds. They invest billions into machine learning, quant models, and scrape every signal they can find, from satellite imagery to credit card data, and it’s not going away. That game is getting crowded and everyone’s chasing the same datasets and signals, which means the edge from tech alone is shrinking fast. Meanwhile, 10-Ks, 10-Qs, and earnings call transcripts are sitting there, packed with insights that most investors skip. Why? Because it’s hard work. It takes time, focus, and patience - things in short supply when social media has turned investing into a meme-driven, headline-chasing frenzy for many. The Street might call reading filings “table stakes,” but the reality is most people don’t bother. They skim summaries, rely on algorithms, or just follow the crowd. By digging into the source material, you’re uncovering what others miss - nuances in management’s tone, buried risks, or early hints of big moves. If you’re willing to sit down and read, you’re already ahead of 90% of the noise.