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In 1984, IBM was viewed as the most powerful corporation in the world. Ten years later, it was struggling to survive, while what had been an entrepreneurial curiosity—Microsoft—had become so powerful that many were concerned. Today, Microsoft finds itself fighting a rear‐guard action to hold its position in the face of Netscape and other emerging competitors.

This chapter focuses on how alternative data can change the nature of financial forecasting through improved short-term forecasting techniques and decreased informativeness from longer term sources. Increased use of social media data leads the charge in transforming this transition. Alternative data are data not from standard financial statements or formal reports. This chapter looks at alternative data from new sources (e.g., social media, Internet of Things [IoT], and digital footprints) and alternative data from new collection methods like web scraping for textual analysis, image analysis, and vocal analysis). It first discusses standard data in financial forecasting. Next, this chapter examines alternative data in financial forecasting. Finally, it discusses alternative data used in studying finance more broadly.

Somehow, without loading up on games or owning a sound card, the author has 28 CD‐ROMs at home, with more on the way. How did all these discs get there and what do they say (if anything) about the CD‐ROM marketplace? When are CD‐ROMs marvelous new publishing media, when are they essentially compact diskette replacements, and when are they wastes of good polycarbonate? The author goes through his motley collection, noting some highlights and some messy situations. After all this grumbling, the author adds notes on the personal computing literature for April through September 1994.