"Confidential" is a big word. There is a lot of internal information about a company that is not strictly labeled "confidential." Putting that aside, I think Le

"Confidential" is a big word. There is a lot of internal information about a company that is not strictly labeled "confidential." Putting that aside, I think Levine's point, which he makes in the piece I linked and has made in several other columns, is relevant: > Er. Um. Sure. But another component of effective professional analysis of the value of a company's stock is talking to the company. There's a reason that companies have earnings calls. There's a reason that, when analysts get into the weeds on those calls, the companies say things like, "We'll follow up with you individually afterwards." There's a reason that companies selling stocks or bonds do one-on-one meetings with potential buyers. There's a reason that companies not selling stocks and bonds also do one-on-one meetings with current and potential investors. There's a reason that companies have investor relations departments full of people who talk to current and potential investors. All of this gets to a point Levine has also made many times over, which is there is no explicit statute outlawing insider trading. Which seems crazy! People go to prison over it. But when you sit down and try to define it, it becomes even more of a mess, so here we are.