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To: tonyt who wrote (1262)3/27/1999 9:20:00 AM
From: Anaxagoras  Read Replies (1) of 1354
 
<<If he's right, then he's trading on non-public information ...>>

It's not considered material, so doesn't matter (legally speaking). There's nothing wrong with trading on non-public info, and there's nothing wrong with having material information (as long as you don't trade on it). The thing that gets you in trouble is trading on material non-public information.

FWIW, Herb Greenberg quoted him earlier this week saying much the same thing. His arguments sounded reasonable to me.

Anaxagoras
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