I read yesterday's Money Stuff last night and was amused to see Matt Levine write the same thing: > Another explanation is: They are in an industry, they hear

I read yesterday's Money Stuff last night and was amused to see Matt Levine write the same thing: > Another explanation is: They are in an industry, they hear nonpublic rumors about that industry, they compete on deals, they gossip with bankers and consultants, they know things, and they can often come upon material nonpublic information about their competitors. This one is interesting. “Insider trading,” I like to say, “is not about fairness, but about theft.” If you are an executive of a company (or its banker or lawyer or CEO’s therapist or whatever) and you learn things about your company and you trade the stock before the news is public, you are in some sense stealing information that belongs to the company and using it for yourself; you had a duty to the company not to do that. But if you learn information about your competitor, do you have the same duty? I think the answer is “maybe,” and it depends on things like how you learned the information and what your company’s trading policy says. I guess I've read enough Money Stuff. [1]: https://www.bloomberg.com/opinion/articles/2023-03-16/credit-suisse-puts-on-a-brave-face https://www.bloomberg.com/opinion/articles/2023-03-16/credit...