A guide-down, a resignation, a restatement, a policy change. The first-order effect is priced in minutes. The second-order effect reaches companies nobody has connected yet.
“These two companies are correlated” is not a reason to act. “These two companies share a director, and here is the filing” is. Every propagation path ThirdLatent reports names the bridge and links the document.
A filing, a disclosure, a news item touching one entity.
Which entities are within two hops, through which named bridge, as of that date.
Not a correlation — a person, a holder or a segment, with the filing behind it.