▁m osa ic , ▁which ▁may ▁increase ▁in ▁value ▁when ▁properly ▁compiled ▁and ▁documented . ▁The ▁theory ▁is ▁also ▁referred ▁to ▁more ▁col lo qu ial ly ▁as ▁the ▁sc utt le but t ▁method ▁by ▁Philip ▁Fish er ▁in ▁Common ▁Sto cks ▁and ▁Un common ▁Prof its . ▁ ▁M osa ic ▁theory ▁involves ▁collect ing ▁information ▁from ▁different ▁sources , ▁public ▁and ▁private , ▁to ▁calculate ▁the ▁value ▁of ▁security . ▁App lying ▁the ▁m osa ic ▁theory ▁is ▁as ▁much ▁art ▁as ▁it ▁is ▁science . ▁An ▁anal yst ▁g leans ▁as ▁many ▁pieces ▁of ▁information ▁as ▁possible , ▁determ ines ▁if ▁they ▁tell ▁a ▁story ▁that ▁makes ▁sense , ▁and ▁dec ides ▁whether ▁to ▁recommend ▁a ▁trade . ▁ ▁It ▁is ▁also ▁a ▁legal ▁theory ▁used ▁to ▁u ph old ▁the ▁classification ▁of ▁information , ▁holding ▁that ▁a ▁collection ▁of ▁un class ified ▁information ▁might ▁add ▁up ▁into ▁a ▁class ified ▁whole .[ 7 ][ 8 ] ▁The ▁theory ▁has ▁also ▁been ▁applied ▁to ▁legal ▁reasoning ▁in ▁the ▁context ▁of ▁the ▁Four th ▁Am end ment ▁where ▁the ▁continuous ▁use ▁of ▁G PS ▁surve ill ance ▁was ▁found ▁to ▁viol ate ▁the ▁subject ' s ▁" reason able ▁expectation ▁of ▁priv acy ". ▁ ▁Leg ality ▁of ▁the ▁M osa ic ▁Theory ▁ ▁Though ▁the ▁Supreme ▁Court ▁recognized ▁the ▁leg ality ▁of ▁the ▁M osa ic ▁Theory ▁in ▁Dir ks ▁v . ▁SE C , ▁the ▁concerns ▁have ▁ar isen ▁with ▁the ▁potential ▁of ▁illegal ▁ins ider ▁trad ing