Mosaic Theory
The principle that assembling many public and non-confidential pieces — filings, lawful data, non-confidential expert color — into a sharper conclusion is legitimate research, even though it produces a real informational edge. It is the lawful counterpart to insider trading: an edge becomes illegal only when a decisive piece is material, nonpublic, and reached you through someone breaching a duty of confidentiality. Out-thinking lazier analysts with public information is the system working as intended.
Lessons that use this term
Related terms
Business · CEO Pay Ratio · Conflict of Interest · Explanation by Omission · Fair Dealing · Form 4
Open this term in the app → — no account needed; browse the full glossary while you research.