Any information that your friend has access to, others have access to as well. The stock market knows as soon as Warren Buffet buys something, and the price of the stock rises accordingly. Your friend would have to somehow know what millionaires were going to buy before they bought it.
Also, billionaires have access to deals regular grunts do not. They can purchase unsecured investments, invest in private funds, or buy out companies. They have enough weight to actually manipulate prices to their advantage on certain commodities. I would bet they make more money with these methods than with their general stock picks.
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