https://www.bloomberg.com/opinion/articles/2019-01-16/even-cheaters-don-t-always-win https://www.bloomberg.com/opinion/articles/2019-01-16/even-c... Unless you

https://www.bloomberg.com/opinion/articles/2019-01-16/even-cheaters-don-t-always-win https://www.bloomberg.com/opinion/articles/2019-01-16/even-c... Unless you’re saying that insiders actually are worse than random in beating the market before trading costs, it’s highly unlikely. After all, when not then just trade against the information and make money? Anyways the above Levine post talks about this issue. The dollar weighted win-rate of the Edgar hackers was 77%, which is very very high. This would indicate that inside information is incredibly valuable and that those with access to it have substantial alpha over the market.