When the SEC last month announced plans to effectively cut the number of 13F disclosures of hedge fund stock holdings journalists have to play with from a few thousand to a few hundred, we thought of it more as an amusing little parting gift from Jay Clayton to his once and future clients than something to get really worked up about. After all, as even Jim Cramer knows, the usefulness of these filings is at best questionable. After all, by the time they are made—no later than 45 days after the end of a quarter—it’s highly unlikely that they offer an accurate picture of what a particular hedge fund owns at the moment of their release. Indeed, it’s entirely possible for a hedge fund to sell everything on the first day of the next quarter and build an entirely new portfolio containing none of its former holdings, making as stark as possible the fact of what a 13F is: a snapshot—and a very old one by the time of its disclosure at that—of what a hedge fund held at a specific, increasingly distant moment, with no bearing on what said fund is actually doing now, or has been doing for the last six weeks. Plus, let’s be honest: No one really cares much about what a hedge fund with less than $3.5 billion was doing a month-and-a-half ago, and so all of the celebrity portfolios you’d like a peek at will still be coming to you anyway. (That all being said, 13Fs are the only window the public gets into these things, and for all of their out-of-dateness Goldman Sachs has managed to build a pretty successful portfolio out of them.)