I claim it goes well beyond Reg-FD. Quantitative tools on Yahoo and MSN means you don't really need a hedge fund investor. Hedge fund trader yes, but those guys are few and far between that make money. Hedge fund investor is an anachronism. I’ve never seen anything like the massacre of the hedge fund business this year ...There is a secular component here that's worth discussing. The onset of Regulation FD (Fair Disclosure) over the last decade has slowly but surely removed a lot of what was once referred to as "edge" from the available toolkit of professional investors. Corporate executives no longer have their favorite analysts when it comes to the dissemination of material information. Fund managers can no longer simply flood The Street's trading desks with commission dollars to secure the vaunted "first call" ahead of estimate cuts, price target bumps or rating changes.... http://www.cnbc.com/2016/09/28/ive-...business-this-year-josh-brown-commentary.html