They both are similar in some aspects.
– Both have an investigative component. There is a process of uncovering information that is not apparent or not in plain sight to perform equity research. Similar to how investigative journalism works.
– The element of filtering signal from a lot of information and creating a narrative around it. Historians are particularly good at this and there are plenty of them in both verticals.
– Both models include a wide variety of topics. In equity research it could be stocks, bonds, economics, and the different industries. And in newspapers you could see politics alongside sports alongside business.
– Both have to adapt to falling information costs. The gap between “quality” and “quantity” became more.
– Both compete for engagement. They want to write what their readers want to see.
But these differ as well. In the newspaper industry there are 3 main players; the editorial, the advertisers and the readers. While in equity research there are research analyst firms and institutional investing firms. The business models are quite different.