[mlazos]

That’s 100% insider trading. If you use material non-public (including confidential) information to perform the trade it’s illegal. Paying someone to provide confidential info is still insider trading. Paying someone to observe planes (public information) is not insider trading. Researching using publicly available information (even though you don’t share your research) is not insider trading. The key point is the channel from which you receive the information.

[s1artibartfast]

The distinction isnt public private information. If I am a farmer and I know harvest will be poor, buying futures isnt insider information. I pay to conduct a confidential survey of farmers, that still isnt insider trading.