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A large amount of the value is that you aren't allowed in.

My observation is that finance and banking and corporate functions high enough up the ladder operate more like a clubhouse than cutthroat businesses. You’d think all you need to do is make a better interface, but if you’re not part of the club, you’re not doing the business (or even getting shot at it).

"It's a big club and you ain't in it."

> Part of the moat is the data

Not particularly. I don’t think Bloomberg has any super-proprietary data. It’s more like Excel. There is a command or two that is so weirdly niche specific that some user somewhere really needs. And it has a social network.

Bloomberg, as it is, will probably work as long as humans are in the loop in trading financial assets.