In addition, it could be that the PhDs' technical research and work is about how to structure a portfolio strategy such that it can profit from insider trading

In addition, it could be that the PhDs' technical research and work is about how to structure a portfolio strategy such that it can profit from insider trading when the opportunity arises without triggering any SEC alerts. For example, maintain a portfolio across as wide an asset base as possible, while trading each asset frequently enough that any insider trade inserted into the mix looks random, or at least plausibly deniable, and thus a low-odds case for the SEC to prosecute.