"Most people think insider trading is a crime on the market. That's not how the law thinks about it" Sam Enzer on what insider trading actually is, and what most people get wrong "Many people think of insider trading as a crime on the market, or a crime on other traders because I have an unfair advantage if I have inside information. That's not how the law looks at it" "If I work for a company, or I'm a lawyer for a client, or an investment banker, and I have a duty of trust and confidence to the source, and I take information I'm supposed to keep in confidence and use it for my personal gain, that is a breach of my duty. That is the essence of the crime" "It's not about me having an unfair advantage. It's about me misusing and violating the trust of whoever gave me the information. If you understand that premise, it runs aligned through how all this works"