Hey, it's a free country, and I will defend to the death your right to disagree, even strongly, but I require some kind of logic…
I should be demanding such logic from you, not vice-versa!
Banking and insurance regulators use financial statements to ascertain whether the regulated companies can make good on their contractual relationships with depositors and policyholders. Investors, on the other hand, use financial statements to ascertain whether to buy, hold, or sell the companies’ stocks and bonds.
Why would you assume that the same compilations would be well-suited for both purposes?
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”