JS on Smart Investor (video interview), page-46

Thanks for the reply. Interested to understand a point you make and then highlight an inconsistency with the logic.

First, genuine question, if someone from the general public (ie not an employee of the company or someone who has received a tip of from the company) finds details (ie massie shell company ties) that know one else has found because they don't have the skills or inclination to find it, does that constitute insider trading or just smart DD investing? This would apply to OM and everyone they circulated the report to.

Your 1/2 logic:

If 'That Someone' acted on information that had been released via the OM report, then they logically couldn't be acting on info not available to anyone else, because the report had been circulated by OM. Trading the market being ahead of the market, that's why people pay for subscribed services?