You're right about the layperson, but that's a low bar, the p50 of the population.
What measures did you take to avoid Gell-Mann Amnesia on this point? This seems to be one of those things that everyone takes to be true, but which I have frequently found to be false on manual inspection. Here are examples where I tested this by chasing to the primary source in areas not of my expertise:
- California Prop 22 reporting. Universally wrong about the significance of the 7/8ths rule. Actually, I found it very hard to find a mainstream reporter who got this correct considering the text of the bill.
- Indian Railways budget reporting. This was Bloomberg, and it was re-reported elsewhere. The numbers were wrong. This informed decisions I made in the next case.
- SuperMicro spychips. Bloomberg again, but rebroadcast by other media outlets. This was one of my directional trades. I bought SMCI calls off the fact that Bloomberg was poorly informed and that reporters were mostly low-grade GPT-3 copy-machines off each other.
In my experience, if you ask a random SF Bay startup software engineer or medical doctor to spend 30 mins on research they will outperform a professional journalist over the same period of time. This makes sense: it isn't that journalists are better at news; it's that they are the ones who aren't good at anything specific and are therefore doing news.
So, yes, better than the layperson, but not better than the average techie I know. And this yields a data pipeline problem: if you have a lossy compressor in your pipeline, the loss cost can overwhelm the compression advantage. I think for anyone reasonably intelligent, news has passed that point.