Insider Trading on War
Also bond indexes, 401(k) lawsuits, SpaceX SPVs and AI social engineering.
Programming note: Money Stuff will be off next week, back on Feb. 23.
Insider trading, I often say around here, is not about fairness; it is about theft. The problem with insider trading is not that you have information that the rest of the market doesn’t have: You’re supposed to try to get information that the rest of the market doesn’t have; the point of financial markets is for people to compete to get good information and incorporate it into prices. The problem with insider trading is that you are using information that belongs to someone else — your employer or client or shareholders or brother-in-law or golf buddy — without their permission; you have some duty not to trade on it. But your duty is to the source of the information, not the person you trade with. (Not legal advice!1)