What is Insider Trading?

Was it legal for Sauron to dump his shares after the they learned of the plot to destroy the Ring?

The Frontier Psychiatrists is a newsletter. It is also a way for me to learn and explore my world. Today, I’m exploring a world of actions that will send one to jail. To avoid offense to real humans, I will use my time-tested example of Sauron, the Dark Lord of Mordor, and his Board of Directors. I imagine the board is crony-laden, and comprises the senior leadership team of the Nine Riders of the Nazgûl—and maybe that bottom-feeder Saruman, as well. Now, imagine that Mordor, Inc. was a publicly traded company on the US stock exchange. All securities laws would apply.

If this educational and satirical material ends up deemed “too close” to real-world entities? Any similarities to real people or events are unintentional and, crucially, a hilarious and excellent point you can make to your friends at conferences— but leave me out of it.

What Did Sauron Know and When Did He Know It?

The senior leadership of Mordor was served with a notice that a council of Elves, Dwarves, and Men had fou…