[shii]

Hasn't Theil's Clarium Capital beat the market simply by making large calculated bets against the grain which turned out right? Why would that be considered insider trading? In cases where large traded just before a big move occurs, there's significant possibility for insider trading. But I don't think you can blanket statement all such wins against the market as insider trading. Maybe over a longer period of time, this would appear suspicious.

[jakarta]

Peter Thiel is largely regarded as a failure of a hedge fund manager. For a while he had a good record but he did the decoupling/long oil trade which blew up in 2008.

His fund had a bunch of redemptions and is now mostly his own money.