The information landscape is vast. Agents must make choices. As a delegated information monitor, The Wall Street Journal (WSJ) makes coverage decisions to pro- vide value to its subscribers. The marginal benefits of reporting earnings news, as perceived by the WSJ, change over time. WSJ earnings coverage varies counter to the business cycle and increases with the equity risk premium, consistent with theo- ries of optimal information acquisition. The choices of the WSJ reveal dynamics in investors’ information structures. Increased earnings coverage signals a broad increase in the information content of small-stock prices, as well as an increase in the trading performance of mutual funds within the small-stock universe.