The article explores how investors make decisions about acquiring financial information. By incorporating signal acquisition into the expected utility model, the researchers found that investors' demand for information is influenced by their risk aversion, market size, and the relationship between asset returns and variance. More signals lead to lower expected excess returns, preventing investors from seeking unlimited information. However, the presence of risk-free assets can change this dynamic. In a competitive market, the benefits of information sharing among investors can impact the overall informativeness of asset prices. The study shows that the incentives for acquiring signals depend on investors' portfolios, linking welfare and distribution outcomes in complex ways.