The article explores how information and learning impact asset prices and investor decisions in financial markets. The researchers analyze how investors' choices are influenced by available information and how price movements reflect this information. They find that price jumps and crashes can occur due to learning effects, and observing trading volume can refine the information conveyed by price. The value of acquiring information may not always increase with the number of informed traders, leading to multiple equilibria. The relationship between investor disagreement and returns is complex and depends on various factors. The researchers introduce conditions that determine the signs of different outcomes, highlighting the importance of these conditions in noisy rational expectations models.