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Investing information starts with CEOs behind closed doors, government officials who write public policy, and reporters and anchormen who manipulate, package, and often create the news. Then it makes its way past the SEC and the pencils of a thousand accountants. After it has been sufficiently manipulated, information trickles down to brokers, money managers, and bankers, p. 13.
Those who get to the information first have everything they need to make a fortune. But by the time market information has made its way down the chain, it has been completely devalued and distorted, p. 13
Yes I agree but some will not use the information so well and they won't get the profit.
I assume that in this context, those who have access to accurate information firsthand have the capital. Devalued and distorted information is misleading.