If you work for a privately held company, and through that you know important details about a competitor and "lack" of a competitive advantage that competitor has in a market due to your own companies superiority, is it considered insider knowledge to act on that? IE short the shares of the public competitor? The knowledge not gained through any direct interaction with said public company, ie no NDA disclosure of info from them. However could be based on knowledge you have of the market place, the inaccuracies of large PR releases of the public company that you know not to hold ANY weight due to your own dealings with companies related to the PR? Or if you knew that said public company could be put out of business or face royalty/fines due to not having freedom to operate because of IP? Is knowing and acting on any of this against any sort of SEC regs? All purely hypothetical of course,but something I have often wondered.