Disclosure is a good thing because it allows investors a reasonable chance to evaluate the risks involved in their investment choices. Unfortunately there's a giant hole in the middle of the disclosure process that's been exposed in the last few years.  The assumption is that transparency and disclosure allow for smart investing. While that's certainly true the wise investor also wants another piece of data: the health of the marketplace.  For this reason the SEC appears to have bought into the fallacy that systemic risks can't EVER be avoided by disclosure. This is how climate change is different.