There is a grey line when it comes to insider trading. Much of what I do as a job is trying to collate information that other investors don’t yet have. If you sit on the side of a newly opened toll road and count the cars going past, you might be able to collect information that the owner of the toll road hasn’t yet released. Is that insider trading? We haven't done it, but if you were to spend the time and money to fly to New York, drive to Long Island and investigate which of RNY’s previously unoccupied commercial properties now have tenants, would that be insider trading?
Not in my books. The information is publicly available, it’s just that most investors couldn’t be bothered looking for it.