This is information asymmetry. The nokia engineers knew something that the rest of the world didn't and were able to use it to their advantage.
In any transaction if you know less than the other party, you're at a disadvantage. I was just thinking this morning I could've negotiated a much higher comp for my current job if I knew just some of things about the company I know now.
Actually, the real legal insider trading is the trades that you _don’t_ place based on insider knowledge. Eg, if you know that the iPhone is years ahead of everything else and you happen to be holding Apple stock, then you won’t let whoever is managing your portfolio sell any of it when otherwise you may not have cared. There’s no way to prove illegality for _not_ placing a trade.
There are explicit insider trading forms such as SEC forms 3, 4, and 5. Insiders are allowed to trade as long as it is declared to the government. The issue is with trading while having material non public information. Frequently trades are executed on an explicit schedule with rule 10b5-1 to act as a defense against accusations of trading on MNPI.
"Initial drummer Carruthers was replaced after Mustaine and Ellefson decided they could not trust him. Carruthers had chosen to hide his black heritage from them by claiming he was Spanish, and they could not understand why he would deceive them.Brett Frederickson joined the band in November 1983 as their next drummer."
That move probably hasn't aged well. Pretty nasty.
Edit:
I can't recall which podcast I heard this, but ismtbhebthe guy that was sad that his band didn't sell as many records as Metallica?
I don't understand what happened, he hid the fact that he was black from them, they couldn't understand why he'd hide it, and they fired him? Isn't this kind of exactly why he'd hide it from them?
On the flip side, even if the company is on the way up and you're on some team that's at the center of it and you'll never benefit from it if your manager doesn't like you. All the opportunity to do all the things that lead toward career growth and compensation will go to other people.
I read the article and I’m far more interested in talking about actual legal insider trading in the equities market
You may not be able to trade your company’s stock, or a competitor’s if you have knowledge that was under an employer agreement, but you can trade your sector and correlated assets
I assume you mean things like trade secrets that you cannot disclose? That is legal because it is not information that is confidential the same way as say financial results are. It is confidential, but for different reasons. It also tends to be much more long term information so people cannot make a quick profit from it. Its also impractical to regulate.
Unfortunately doesn't work that smoothly everywhere because outcomes are often tied to larger unknowns whether it is will AI bubble pop or will the global economy take a dip.
In any transaction if you know less than the other party, you're at a disadvantage. I was just thinking this morning I could've negotiated a much higher comp for my current job if I knew just some of things about the company I know now.
https://www.quiverquant.com/strategies/s/Congress%20Long-Sho...
https://en.wikipedia.org/wiki/Dave_Mustaine
who left Metallica to found Megadeth.
Also
"Initial drummer Carruthers was replaced after Mustaine and Ellefson decided they could not trust him. Carruthers had chosen to hide his black heritage from them by claiming he was Spanish, and they could not understand why he would deceive them.Brett Frederickson joined the band in November 1983 as their next drummer."
That move probably hasn't aged well. Pretty nasty.
Edit: I can't recall which podcast I heard this, but ismtbhebthe guy that was sad that his band didn't sell as many records as Metallica?
You may not be able to trade your company’s stock, or a competitor’s if you have knowledge that was under an employer agreement, but you can trade your sector and correlated assets
You can have an edge, it’s not a legal issue.
Access to internal data isn't a crystal ball