Wall Street and investors would like to believe that having access to information at the click of a button leads to rational and orderly investing habits. However, it doesn't always work out this way.
Back in 1999, during the dot-com boom, Wall Street and investors also had easy access to information. Yet investing in 1999 seemingly had little to do with what was on a company's income statement or balance sheet and more to do with pie-in-the-sky promises regarding e-commerce potential. As a result, investors could seemingly throw a dart at the newspaper and come out a winner.
Of course, hindsight being what it is, we know how the dot-com era ended -- and it's wasn't pretty for investors.