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Can someone please explain Mosaic Theory - Ethics

Title seems pretty self explanatory. thanks for any help.

Basically it means that if you collect both
a) public material information and
b) nonpublic nonmaterial information
and by combining it you get a conclusion that is of nonpublic material nature, then you are not in violation if you use it in your investment actions.

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can I just ask a really simple q. What d’u mean by ‘material’! I know I should know this by now but I just haven’t focused at all on ethics.

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Can’t remember the exact definition - I think it’s defined either in SS1/2 or in the Handbook. Material means that the information affects the value of an investment or that an investor would want that information before making an investment.
So, for example it’s material to know that a company reduces its projected earnings by 10%.

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Material generally implies information that will affect the asset price..

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