Reopening Insider Information Debate.

[David Sklansky]

"i'd say if you got a tip from a CEO but he turned out to actually be wrong (or lied to you), you'd definitely still be guilty of insider trading because your intent was to trade on information you knew was nonpublic."

It would be illegal. But not because the information was "non public". It would be because the information "knowingly" was disclosed from the "inside".

Oh well. Obviously the market is just like poker was thirty years ago. I had to ask a few qustions at first to get the hang of things. Then I quickly realized that if I wanted more complex answers, I'd have to ask myself.