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Indeed, when I think about it. Isn't big data in a way "insider trading via induction". Like isn't the goal of big data to gain the type of information that you're not aloud to take advantage of due to insider trading laws?

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Yes, this has been used as a defense against insider trading accusations, sometimes unsuccessfully: https://en.m.wikipedia.org/wiki/Mosaic_theory_(investments)

But isn't it equally true, that a mosaic of publicly known information could constitute non-public information? For example, the example I gave of analyzing satellite imagery of parking lots to predict Walmart sales numbers. Is that really fair?

I don't think you can deduce what is legally insider trading from an idea of what is "really fair". There really isn't much of a relationship. Matt Levine frequently writes about this.

You are allowed to trade based on non-public information. It doesn't matter if it's fair or not.

However, I'm not sure why this wouldn't be fair. More accurate valuations seem like a positive thing.

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