How so? Suppose you have a great idea. It is an idea that you think could make you much money. You are not sure however. On one hand it could be a bad idea. But to gauge how good of idea (or to brag about it?), you have to tell others. But if you tell others, someone may take your idea.
So what do you do? Interesting question to say the least.
Wesley Gray examined this with respect to hedge fund trading. Now I must confess I am not entirely convinced of the metrics but a very interesting finding none-the-less.
SSRN-Do Hedge Fund Managers Identify and Share Profitable Ideas? by Wesley Gray:
".... Interestingly, these skilled investors share their profitable ideas with their competition. I test various private information exchange theories in the context of my data and determine the investors in my sample share ideas to receive constructive feedback, gain access to a broader set of profitable ideas, and to attract additional arbitragers to their asset market."