If it's reasonable to assume that someone like a Fed president is aware of the perils of market timing, of information asymmetries, of the disadvantage that an individual investor has against institutional funds, etc.--is there any plausible explanation for his trading individual stocks outside of being in possession of some kind of insider information that gives him an edge on the market?

Surely he can't just claim that he doesn't know what he's doing.

And could a Fed president be in a position to have legal insider information that gives him an edge on trading individual stocks, or is any insider info that he could trade on illegal to do so by definition?