rule 10b5 which came after i retired is the worst rule ever created and hurts retail investors more than any other rule change i can think of, shameful. Its all part of the largest redistribution of wealth from the general population aka the 99 % to the 1 % at a max 15 % long term cap gain rate, the scam of the century. very sad. The way many current IPOs are structured also helps to rip off the public. THe art of the con !!