The research they did would be obtainable from public sources rather than being classified as material non-public. That said, if you worked for (say) Pershing

The research they did would be obtainable from public sources rather than being classified as material non-public. That said, if you worked for (say) Pershing Square and knew Bill Ackman was about to announce a short in some stock and you traded it is your personal account that would absolutely be illegal.