I caught this tonight:
The most precious commodity on Wall Street is information, and savvy players will do almost anything for it. Some investment funds canvass doctors to scout out blockbuster drugs. Others pay meteorologists to forecast weather that will affect the price of oil and wheat. And still others hire corporate executives to provide an inside view of companies and industries. But now some of Wall Street’s biggest hedge funds are watching nervously as prosecutors say that Raj Rajaratnam, a billionaire fund manager, went too far in this relentless quest for a trading edge.
Trend followers don’t behave this way. All the information they need is embedded into the market price. Yes, I am a broken record.