My point is that in the markets, like in sports, a "fair contest" does not mean that both parties are equally likely to be successful. "Fairness" means that the rules were followed. Right now a PhD with a model is allowed to use his information advantage if he's trading against someone less informed, but an insider to the company is not. It may be the case that insider trading laws as they currently exist are good and help financial markets work better, but if that's true it's not because no one with an information advantage should be allowed to trade.