A piece I read earlier today reinforces a depressing thought. As a teacher, I regularly stress the value of of equity research, of homework and due diligence Many former students have gone on to careers as financial analysts. But in today’s algorithmic world, software programs search rapidly for the remotest slice of research and trigger trades that often quickly and drastically affect the price of that newsworthy stock. Perhaps some of the software is smart enough to even speed-read the research and assess its value before the trades are launched. Still, I have to wonder if those of us who like to read (and write) said reports are dinosaurs ? Efficiency would suggest that any such initial algo over-reaction gets mitigated over time. I can only hope.