I have tested this with multiple veterans and none could tell them apart - but they had a high conviction on which random walks were a good buy and which were compelling shorts.
And there is your arbitrage opportunity. If you can model how analysts will react to a particular timeseries, even if it was random until that point, you have some information about the future. It'd be a good question to figure out if there is a consensus or majority about how to interpret patterns among the people making decisions or writing quant algos, that's something one could use.
That's an interesting take! You show them meaningless data, in order to extract their overall market sentiment, and use _that_ to inform your investing strategy?
This means that you don’t even need to ask the analysts to see how they react because any bias worth trading on can be predicted from the time series itself.
