Industry or "sector" experts who by their own intelligence and knowledge and using public sources of information deduce and ascertain a company's confidential information and then trade on that information can be said to be acting:

a. Legally under federal securities laws in the United States.

b. Moral under Ethical Egoism.

c. Illegally under federal securities laws in the United States since there is not a level-playing-field.

d. A and B.