Fair enough, but then if you’re having to hedge that much against downside risk, it doesn’t feel like insider trading. The whole problem with insider trading is

Fair enough, but then if you’re having to hedge that much against downside risk, it doesn’t feel like insider trading. The whole problem with insider trading is that have special knowledge of which way it’s going to go. At the point where you’re having to protect against the possibility of being so wrong, that doesn’t feel like acting on insider knowledge, and it’s more like “interested outsider” trading.