, cbae wrote

*snip*

There is no line to draw. Any trading activity based on information that is not made public is insider trading and illegal. That's why these companies are called PUBLICLY-traded companies.

 

In the WSJ today is a report that Jeffrey Ubben's ValueAct Capital is getting a seat on the MSFT board of directors. 

http://blogs.wsj.com/moneybeat/2013/04/22/valueact-takes-2-billion-stake-in-microsoft/

http://www.institutionalinvestorsalpha.com/Article/3247431/The-Morning-Brief-Is-Jeffrey-Ubben-Moving-Microsoft.html

Here you have a big investor getting a BOD position. You think they will have access to info other investors do not have?

Anyway, Ubben looks to be a responsible and smart fellow. http://video.cnbc.com/gallery/?video=3000087268  But his focus appears to be having companies release their cash to investors by having the company buy back its stock. Which increases earnings per share to the remaining stock holders.