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Regulation FD
A U.S. securities regulation that requires public companies to disclose material information to all investors simultaneously, eliminating selective disclosure advantages.
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"His returns were double the market returns when this kind of information sharing was legal. And the minute that it became illegal and you had to basically act on the same edge as everybody else, his returns went to the market return."
Attribution: Speaker mentions Regulation FD as the dividing line that changed Warren Buffett's performance, using it as an example of how information asymmetry affects market returns.