I agree that insider trading is an unlikely explanation for the reason you mention.
It could be that an early algorithmic advantage compounded into an incumbency advantage: better research tools; better data; better pay for better scientists.
The 'secret sauce' may have started out as novel discoveries and, over time, become 'just being RenTec'.
It could be that an early algorithmic advantage compounded into an incumbency advantage: better research tools; better data; better pay for better scientists.
The 'secret sauce' may have started out as novel discoveries and, over time, become 'just being RenTec'.