Re: nature of the industry -- i think there is more sharing that goes on. People send each other emails all the time. On a macro level, this stuff is already out there and so you expect the FIRM to be executing on it. The bigger question is for an individual trader or analyst (or associate) are you up-to-date. So b-school classmates and friends from college help each other stay abreast of things, if nothing else as a safety net since it's always good to have friends at another building on the street.