Arthur Hayes

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So the insider trading, what you're basically saying is like somebody has a piece of information, whether it is actual material, non-public information.

It's just, hey, I heard a rumor or whatever.

They are financially incentivized to go and show it to the market.

I think one of the questions becomes, OK, if they are doing that to their own personal financial benefit.

are we just cool with that?

Like we just say, Hey, look, that's worth the trade off of, yes, they can profit off of it, but they're doing a, almost like a public service to the market and they're giving this information.

And so that trade is something that society should optimize for.

Yeah, it is interesting because also there's a lot of rumors.

And what I always wonder is everyone always points out when there's like a big spike in purchases on something and obviously that person makes money.

How many times does somebody go and have a big spike and they end up being wrong?

Right.

I just maybe there's zero.

Maybe there's literally zero times that that happens.

I doubt it.

But I just never see those articles about like the person who thought they had information that went and made a bet and ends up losing their money.

So it's kind of like we're getting fed one side of the story.