## information hierarchy and timescales
bottom layer - real economy - quarterly analysis of financial statements(backward looking)
middle layer (new way of seeing Leggett-Thiel) - people views - weekly trading horizon
top layer - market prices - daily ALGOs dominate - Rennaisance Capital? - extrapolation
[Stock Market Analysis: A Review and Taxonomy of Prediction Techniques](https://www.researchgate.net/publication/333409685_Stock_Market_Analysis_A_Review_and_Taxonomy_of_Prediction_Techniques/fulltext/5cec84fb458515026a612b9e/333409685_Stock_Market_Analysis_A_Review_and_Taxonomy_of_Prediction_Techniques.pdf?origin=publication_detail)
- bottom layer - real economy - quarterly analysis of financial statements(backward looking)
[The association between revisions of financial analysts' earnings forecasts and security-price changes](https://scholar.google.com/scholar?q=related:5pmgP3Jjgn4J:scholar.google.com/&scioq=&hl=en&as_sdt=0,33&referringSource=articleShare)