Insider trading dont happen when a perceptive analyst reaches a conclusion through an analysis of public information and items of NONMATERIAL nonpublic information (i.e., a "mosaic" of information).
Under mosaic theory, financial analysts are free to act without risking liability. That is, a financial analyst may use nonpublic information as the basis for investment recommendations and decisions even if that conclusion would have been material inside information had it been communicated directly to the analyst by a company.
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