As part of his role as an advisor to the more junior traders, Jason Karp developed a system for categorizing information that he taught to all of his analysts, a way to understand what was safe and what might be illegal. There was “white edge,” which was obvious, readily available information that anyone could find in a research report or a public document, information that wasn’t worth much, frankly, but wasn’t going to get anyone in trouble. Then there was “gray edge,” which was trickier. Any analyst doing his job well would come across this sort of information all the time.
