>..That rule is always have a definite knowledge advantage.. >..to not get caught with your better-than-average information.. The difference between informati

>..That rule is always have a definite knowledge advantage.. >..to not get caught with your better-than-average information.. The difference between information and knowledge is crucial here, though I think the word 'knowledge' is slightly misleading. If we assume that by 'knowledge' he meant 'something that is more than merely a function of information', i.e. belief/ wisdom then his statement holds. I think most traders would like to think that this is the case (whether the are right or not), because it justifies their existence / management fees. If you read it as 'information = knowledge' then it looks very suspicious. I'll give him the benefit of the doubt, because if he had meant 'information' then his post would have been unfeasibly implicating.