Blogs widgets cell phones HDTV Hulu digital cameras DVR MySpace social media Flip Face Book webcasts MP3 You Tube spiders iTunes Plaxo text messaging iPod LinkedIn video on demand iPhone Second Life streaming video Apps Wikipedia email WIFI Flicker SMS GPS Yahoo cloud computing Kindl Pandora cyberspace Bing Shazam crowdsourcing Wolfram Alpha Android Google Photoshop
10-K filings by one company 1996 263 pages 1999 265 pages 2009 1,376 pages
“I read a few prospectuses for residential-mortgage-backed securities – mortgages, thousands of mortgages backing them, and then those all tranched into maybe 30 slices. You create a CDO by taking one of the lower tranches of that one and 50 others like it. Now if you’re going to understand that CDO, you’ve got 50-times-300 pages to read, it’s 15,000. If you take one of the lower tranches of the CDO and take 50 of those and create a CDO squared, you’re now up to 750,000 pages to read to understand one security.” Warren Buffett, Fortune Magazine, April 8, 2008.
A weekday edition of The New York Times has more data than the average person in 17th-century England would encounter in a lifetime. The Nov. 13, 1987 edition of The New York Times contained over 12,000,000 words and weighed 12 pounds.
In 2006, companies used 301 forms to file 740,995 copies of required disclosure with the U.S. Securities and Exchange Commission. Of these 301 forms,14 accounted for 77% of all filings.
Field 9 production increased by 10,000 barrels per week. Profits increased 4.6%. Interest expenses declined 3.2%. What do these mean? Answering this question produces information. Using that information produces knowledge.
This is a financial statement from ca. 2270BCE.
See Part II. We are moving from a top-to-down world to a bottom-to-up world. Digital music: create your own albums DVR: no scheduled television Netflik: movies when you want Pandora: create you own radio station
Once you have reduced something to 1’s and 0’s, you can do anything you want with it. And just about anything can be digitized. We are living in a user-created world.
A 2005 study by the Consumer Federation of America found that Over 70% between the ages of 18 to 44 61% between 45 to 54 45% between 55 to 64, and 24% of those over 65 use the Internet to carry out transactions.
Interlude 2 In 1946 0.005% of US households had a TV In 1962 90% had a TV From 1997 to 2007, there were 97 cell phones per 100 inhabitants in the developed world.
1997 – 48,000 PCs manufactured 2001 – 125 million 2007 – 264 million
In 2009, North American wireless networks carried about 17 petabytes every month, equal to 1,700 Libraries of Congress. By 2014, this amount is projected to be 740 petabytes per month. A petabyte is one quadrillion (1,000,000,000,000,000) bytes.
Number of apps for the iPhone: 250,000+ Number of apps for the Android system: 70,000+
Around 1439 Gutenberg developed moveable type. By the end of the 15th century there were 217 printing presses in 6 countries. An estimated 8 million books were printed in the first 50 years.
The shift from paper and printing to digital and electronic is as profound, fundamental, and far-reaching as the shift from oral to print in the 15th century. It took about 100 years for society to absorb that change. The change today will be much quicker.
Interlude 3 The defendant says, and the SEC agrees, that the information was disclosed in public documents, yet the SEC maintains that this disclosure did not meet the legal requirements for disclosure. “The SEC says those documents were too obscure and difficult to understand to qualify as adequate disclosure.”The Wall Street Journal, September 3, 2010
“Disclosure isn’t disclosure if it doesn’t communicate.” Arthur Levitt, Chairman U.S. Securities and Exchange Commission 1993-2001