What if: I'm the UPS man that visits the company every workday. Am I trading on inside info ? OR My investment group hires a private investigator and scopes out the company/insiders, etc. Am I in violation if I trade on that non-public info ? OR I get info from the CEOs mistress or a one-night-stand prostitute, and I trade on it.
Occam's razor:"the simplest explanation or strategy tends to be the best one" Hanlon's Razor:"Never attribute to malice that which can be adequately explained by stupidity"