Gordon Gekko: You stop sending me information, and you start getting me some… Does Bud Fox’s actions fall under mosaic theory? Aside from when he sees the financial statements as the carpet cleaner, is following an exec around town considered inside?
Mosaic theory deals with public info and NON-material non-public info. You can use info from executives, directors, company, etc. that is non-public AND non-material with public info to conclude things that you wouldn’t be able to with just public info. So to answer your question, no. Disregarding the carpet cleaning incident, seeing where the ole englishman was going and who he met with was not enough to be material(at least definitavely material). Mixing that info with other public info, you could conclude that the Blue Horseshoe liked Anacott Steel. The movie is kinda grey in that area though, and I think it was mixed with material non-public info to let GG decide.