Who Owns the Answer?

Patricia Horotan, Founder and Chief Strategy Officer
For decades, the economics of investment research have rested on a fragile but functional architecture: (1) Attribution, (2) Entitlement, and (3) Feedback. Research is produced by the sell side, distributed through controlled channels, and consumed by the buy side. Critically, the producer has always retained some visibility into who consumed it, how it travelled, and why it mattered commercially. The system was imperfect: MiFID II exposed how imperfect, but its underlying structure held. Value ...
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The Black Box Problem in Investment Research

Patricia Horotan, Founder and Chief Strategy Officer
For decades, the model was stable. Research was produced, distributed, and consumed in formats that preserved its economic and intellectual integrity. A report was read, a model was reviewed, a call was held. Attribution was clear, entitlements were enforced, and – critically – feedback loops existed. Producers of research could see who consumed it, how often, and with what impact. That model is now breaking.
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