Filing Delays & Survivorship Bias
Copying famous investors looks easy in hindsight. Filing delays mean you buy late, and survivorship bias means you only hear about the winners. Here is how both distort the picture.
The delay problem
| Filing | Typical delay after the trade |
|---|---|
| Form 4 (insiders) | Up to 2 business days |
| Schedule 13D (5%+ activist stakes) | Up to 5 business days |
| Congressional reports | Up to 45 days |
| Form 13F (quarterly holdings) | Up to about 135 days |
Maximum delays under current rules; many filings arrive sooner.
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