Would this be insider trading?

To be clear, this isn’t some high level crazy insider trading, or trading at all. Theoretical in every sense of the word.

Over the holidays, a siblings fiancée joined us. He had to work one of the days we were all there and we work similar jobs. He was trying to explain a certain feature to me and showed me some of a clients earnings reports to back his claims up. He joked that he wished he could trade on this info because he’d make a killing. I said it would be fine since he’s not really an insider. But now that I’ve thought back, I guess he would be considered an insider seeing the company’s earnings reports prior?

So say he did – is that really insider trading?