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Now, I'm going to get a lot of people really upset with this is an example of
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Warren Buffett's returns pre and postreg. Now, what do you see? His returns were double the market returns
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when this kind of information sharing was legal. And the minute that it became illegal and you had to basically act on
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the same edge as everybody else, his returns went to the market return. He generated zero alpha. In fact, he
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probably on the margins lost a little bit. So, this is the single best investor in the world. This is what
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happens when you have information symmetry. So it's just meant to explain that markets thrive when there's
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asymmetry. Billions and billions of dollars will be made in asymmetry. The prediction
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markets today unless they are regulated out of existence or shut down will look like the stock market pre-reg FD. And
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there's nothing we can do except choose not to bet it because otherwise what
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you're going to have are a ton of sharps taking advantage of a ton of squares.