Can't you just use a bunch of agents to extract financial statements from company websites the moment they are published? OK, no insider info but you can still do quick agentic fundamental analysis and decide which companies are interesting.
If fundamentals matter for stock performance, sure yeah. I would be interested to see the results of trying that against the kinda alpha wall street uses usually
Some folks do fundamental analysis, some do technical analysis, most do a mix of those. You don't need Bloomberg terminal to extract fundamentals nor alpha. Maybe a better example would be S&P Capital IQ - you can essentially replace it with agents doing the web searches and extractions for you. Another 20-50k saved.
The US publishes financial statements for free on EDGAR. But then you have to parse the unstructured data, normalize it so you can compare a bank to an airline to a manufacturer and then you have to accommodate mergers and acquisitions throughout history and every revision a company makes for prior periods, and then you're starting to talk about real money and the price of Cap IQ or Compustat or Factset starts to look pretty attractive, especially if your alpha doesn't come from your proprietary methods of databasing financial statements.
