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AI levels the playing field. That's the narrative.
I spent 17 years in credit trading, including running a business. The information edge was everything.
In credit, AI output is only as good as the inputs. And inputs aren't equal.
The firm with early looks from underwriters, small group access, and proprietary deal flow? Their AI processes better raw material. Better information in, better synthesis out.
The bottom tier (public filings, transcripts, generic data) is getting commoditized for everyone simultaneously. Processing public information faster used to be an edge. That edge is disappearing.
The information advantages that already existed are being amplified, not compressed.