[yellowstuff]

> Is it fair to assume the most hedge funds are relatively good at tracking recent information and the value is in older archives that's hard to collect?

No, like he said the most valuable data has a signal that is independent from other data sets, which generally means something proprietary, and almost always without a long history. Having a cleaned archive of standard data with a long history is valuable but already pretty well served. It would be hard to compete with CRSP.