I think you are clearly mis-reading what I am saying. Laws apply (thanks to the constitution) to all people individually, equally. That being said, there are le

I think you are clearly mis-reading what I am saying. Laws apply (thanks to the constitution) to all people individually, equally. That being said, there are levels of abstractions about why laws exists (ie, public policy rationales). Most rules are not written to tilt outcomes toward the more sophisticated, specialized market participants (although undoubtidly some are in practice if not theory). On the contrary: If information assymetry exists, they exist more often to obviate it (ie, the general securities laws). None of this has to do with what you seem fixated on (grok the difference between investors and speculators).