The paradox of information

Summary: When information becomes universal, opportunity disappears. This piece explains why retail investors may actually have an edge in parts of the market that large institutions cannot meaningfully access, and how discipline, not speed or scale, determines whether that edge turns into returns or regret. For as long as I can remember, the conventional wisdom for retail investors has been to follow the big money. Institutions have research teams, management access and sophisticated models. The individual investor, by contrast, has a laptop and a little bit of time after work and family. The conclusion seems obvious – piggyback on those who know better. It’s sensible advice. It’s also a trap. The moment a stock becomes well-researched, widely followed and institutionally owned, the opportunity it once represented largely ceases to exist. Information, in markets, is