Reg FD ends selective disclosure
SEC Regulation Fair Disclosure required public companies to release material information to every investor simultaneously — no more private CEO calls to favored analysts. The entire analyst edge of the 1990s disappeared on August 15, 2000 when the rule was adopted. Markets became quieter and more even.
Reg FD was one of the most effective single pieces of SEC rulemaking of the modern era. It did not eliminate informational asymmetries — it just moved them from the analyst-issuer relationship onto the hedge-fund and algorithmic-trading side of the industry.
05 · CNBC & the Analyst
Financial media became a consumer product. CNBC, Bloomberg Television, and a thousand analysts at brokerage desks issued ratings, price targets, and prophetic-sounding commentary — some of it honest, much of it conflicted.
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