Retail investors, unlike institutional funds with direct management access, rely on scheduled, standardized disclosure as their primary window into a company’s health. Semiannual reporting doubles the information vacuum between filings — six months of potential deterioration, fraud, or strategic drift can compound before the public gets a formal, audited look. Institutional investors and activist funds often have other channels (management calls, conferences, informal access) that retail investors don’t; widening the formal disclosure gap disproportionately disadvantages the “normal investors” who have no other window in.