Matt Levine’s Money Stuff: Insider Trading on War (Correct)

Programming note: Money Stuff will be off next week, back on Feb. 23.

Insider predicting

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 ...