In 2004, a paper published in the Journal of Financial and Quantitative Analysis showed that US senators who traded stocks beat the market by 12% per year. Since even the best hedge-fund managers find it hard to achieve comparable results, we must conclude that these senators either are better than hedge-fund managers, or that they benefit from privileged information.
在2004年，一篇发表在《金融和统计分析学报》上的论文显示那些投资股票的美国参议员年回报率都比市场高12%。既然连最好的对冲基金经理都只能望其项背，我们只能得出两个结论：要么这些参议员比对冲基金经理更高明，要么这些人都从机密信息中捞到了好处。