There was one major error in the Pershing Square post - which is I suggested that an analyst at PS was charged. No such event happened.
The analyst was not charged. It was the room mate as tipper and a friend as tipee.
Whatever. Bill Ackman's presentation was as far as I know sourced entirely from public information. It is in my opinion wrong - but that is beside the point.
All the room mate knew is that Bill Ackman was going to publicize public information and his analysis of it.
It is a stretch of insider trading rules to deem as insider trading the future publication of already public information.
It is a stretch that I would rather have seen challenged in court. My view remains: SEC over-reach.
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