Aug 5, 2014
But the line between what’s insider trading and what isn’t is most definitely not the line between what information an average investor can access, and what information a hardworking hedge fund manager who can spend thousands of dollars and hundreds of hours on expert research can access. “I shudder to think how much of my alpha comes from failed individual investors,” one hedge fund manager tells me.
http://blogs.reuters.com/bethany-mclean/2013/07/25/the-folly-of-trying-to-level-the-investment-playing-field/