You are reading Economic Forces, a free weekly newsletter on economics, especially price theory, without the politics. You can support our newsletter by signing up here: Here at Economic Forces we like to write about information. One possible reason that information is such a popular topic is that issues related to imperfect information are often the source of confusion. Much of this confusion seems to result from using the wrong counterfactual.
A bigger Hirshleifer problem is that the speculator will spend his talent and resources on weather prediction that is not useful.