Palihapitiya claims Warren Buffett's outperformance disappeared after Reg FD eliminated information asymmetry in 2000.
“His returns were double the market returns when this kind of information sharing was legal.”
Palihapitiya notes Brian Armstrong observed that certain prediction markets only thrive on insider information and secrets.
“The corollary to this is Brian Armstrong tweeted something which I thought was quite an interesting comment about prediction markets, is that certain prediction markets only thrive on insider information, which is to say that they know a secret.”