The only argument that holds water is that `in theory` anyone could generate the same information from what is publicly available, from first principles. It mi

The only argument that holds water is that `in theory` anyone could generate the same information from what is publicly available, from first principles. It might be expensive to do so, but they could do it. Insider trading is slightly unique is that an outsider could not generate the same information as would be available to an insider. Their unique position is that the organisation they are part of is `inventing` information 'from thin air' (so to speak) on the basis of the decisions they are making.