Are you prepared to be compared?

ARE YOU PREPARED TO BE COMPARED? CHRIS DREYER CFA LONDON, 24 SEPTEMBER 2009

INFORMATION WANTS TO BE FREE

WO RD

<LE TH> VER GROW A NUE GE> <PROFITABILITY> <...> <R EVE

<...> <LE WTH> VER E GRO AGE REV ENU > < <PROFITABILITY>

1954.1

£ MIO 1954.1

2008 £ MIO 1954.1

2008 £ MIO EMPLOYEE BENEFITS EXPENSE 1954.1

2008 £ MIO EMPLOYEE BENEFITS EXPENSE 1954.1 DATA

META META 2008 META £ MIO META EMPLOYEE BENEFITS EXPENSE 1954.1 DATA

IT’S ALL ABOUT TAGGING! META META 2008 META £ MIO META EMPLOYEE BENEFITS EXPENSE 1954.1 DATA INFORMATION

CAN YOU HANDLE THIS?

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HOW ABOUT THIS?

AN INFORMATION PYRAMID

AN INFORMATION PYRAMID DATA

AN INFORMATION PYRAMID INFORMATION DATA

AN INFORMATION PYRAMID KNOWLEDGE INFORMATION DATA

XBRL IN SHORT EXTENSIBLE BUSINESS REPORTING LANGUAGE WEB STANDARD DERIVED OF XML DISAGGREGATES UNWIELDY INFORMATION PACKAGES INTO CONSTITUENT SEMANTIC ELEMENTS SEPARATES TECHNICAL SPECIFICATIONS AND BUSINESS LOGIC (TAXONOMIES) - PREPARED IN „JURISDICTIONS“ OPEN, ROYALTY-FREE, GLOBALLY ACCEPTED PROPERTY OF XBRL INTERNATIONAL

USER AWARENESS LACKING 9% HIGH IN EMEA AT 66%! 32% CFA INSTITUTE WORKS ON RAISING 59% AWARENESS Up-to-date awareness Aware Not aware

MANUAL LABOUR GOING STRONG 18% 37% MANUAL EXTRACTION HIGH AMONG SPECIALIST ANALYSTS 34% 11% Entirely manual Mostly manual Entirely 3rd party Mostly 3rd party

PRICE DISCOVERY, CA. 1920 Valuation Expec- Valuation Expec- concepts tations concepts tations BID ASK Fundamental Fundamental Information Information

PRICE DISCOVERY, CA. 2000 Valuation Expec- BID Valuation Expec- concepts tations concepts tations FUNDAMENTAL INFORMATION

PRICE DISCOVERY, CA. 2015 Expectations BID ASK Expectations VALUATION FUNDAMENTAL CONCEPTS INFORMATION

COGNITIVE SURPLUS Mio hours spent

COGNITIVE SURPLUS 1,000,000 Mio hours spent 100,000 10,000 Mio hours 1,000 100 10 1 creating Wikipedia watching TV global p.a.

INFORMATION WANTS TO BE FREE

HAPPY TO DISCUSS! CHRIS DREYER CFA M +41 76 334 0800 CHRISTIAN@DREYER.CH HTTP://IORP.EU

Are you prepared to be compared?

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Notes on slide 1

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