“Was, Emmett.” She said it kindly.

“There are a hundred things in the past of every company on that exchange that were.

A general counsel who had a drinking problem in 2009.

A chief financial officer whose wife was dying in 2015 and who did not do a single good day’s work for four months.

None of it is in a filing anywhere and nobody thinks it should be, because the question isn’t whether something is private.

The question is whether it’s material, and materiality is a legal test and not a feeling.”