> exploitation of asymmetries in information ought to be considered inherently unjust in the same way that insider trading should be theoretically illegal
This is actually a feature, not a bug. I could spend weeks, months or years learning enough to determine whether a stock is worth $100, or I could just sell it now for $99 to someone who already has.
Sure, if you axiomatically accept the Efficient Market Hypothesis as a feature of modern markets that isn't going to blow up the global economy, which I would if it hadn't already come close to doing that already. Facilitating price discovery on the assumption of no arbitrage is great until everyone buys the same secretly-dog-shit security and the resulting market correction martingales the whole thing.
I think at the very least we can say that there is a limit to the fairness of an exchange between willing counterparties when one party is exploiting an asymmetry in information to profit off the other party. $99 versus $100 is one thing, $100 versus $0 is another.
This is actually a feature, not a bug. I could spend weeks, months or years learning enough to determine whether a stock is worth $100, or I could just sell it now for $99 to someone who already has.