other individuals who have private information are the specialists who make markets in stocks listed on the exchanges
the professional money managers represent a third group which has private information
when the analysts for a last money management organization develop their estimates of future earnings and other factors which are important in pricing securities, this information is frequently retained within the organization and not shared with the public
therefore, it could divide the ...... into two group: the ..... which includes insiders and exchange specialists who have true monopolistic information, and the ..... , which includes private estimates developed from public information