Washington Beats the Market!!!!
Vox day Finds the Story:
Corrupt like a senator
Washington beats the market:
"A 2004 study of the results of stock trading by United States Senators during the 1990s found that that Senators on average beat the market by 12% a year. In sharp contrast, U.S. households on average underperformed the market by 1.4% a year and even corporate insiders on average beat the market by only about 6% a year during that period. A reasonable inference is that some Senators had access to – and were using – material nonpublic information about the companies in whose stock they trade."
I suppose they're just all super-skilled econ-savvy investors, but their performance during the ongoing financial crisis argues convincingly against that.
Are you surprised the CODEVILLA'S Essay has gone viral?America's Ruling Class -- And the Perils of Revolution
By Angelo M. Codevilla from the July 2010 - August 2010 issue