Hedge-fund managers that do the most research will post the best returns
I don&#x27;t think they can really draw this conclusion. There are a great number of additional factors at play and accessing public sec records is a bit of a red herring. Especially considering that the funds they have listed as examples are primarily large high frequency algo funds (Renaissance and AQR) and are even less likely to find much utility in intermittent public filings. This may however be an indicator of diligence, but trying to link public information to a big increase in performance is somewhat far fetched.