Yes, alt-data is different from insider information. You truly don't see a difference between someone analysing corporate flights to find and bet on potential M

Yes, alt-data is different from insider information. You truly don't see a difference between someone analysing corporate flights to find and bet on potential M&A and Bobby Kotick (hypothetically) buying millions of ATVI ahead of announcing the deal he negotiated himself? That's like playing poker with someone sitting at the table who's connected to the casino's management and knows the order of the cards coming up. We'll never come to an agreement that this behavior should be accepted and is beneficial for the game.