I think what it means any money can be "smart money"[1], but over a longer horizon, no money can be consistently smart. [1] If you work in a company you're wel

I think what it means any money can be "smart money"[1], but over a longer horizon, no money can be consistently smart. [1] If you work in a company you're well placed than most in judging the value of the company. Yes there are regulations to prevent you from insider trading, but no it doesn't mean you can't invest in the company (or short it!) on the basis you know your colleagues better than others. You, however, have no advantage over the market over all other forms of investment.