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easy · CFA Level I Ethical and Professional Standards

An analyst at Kestrel Grid assembles a 'sell' recommendation by combining public satellite imagery of power usage, interviews with non-executive employees about shift lengths, and a public report on regional energy trends.

This is known as:

  1. Market manipulation.
  2. The mosaic theory.
  3. A violation of Standard II(A) due to the use of nonpublic employee interviews.

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