"Our baseline finding is that both congressional leaders in their pre-leadership years and their matched 'regular' members underperform the benchmark by similar magnitudes"
"Earlier studies of lawmakers’ trading by Ziobrowski et al. (2004 and 2011), found their portfolios to outperform the market. However, this conclusion is reversed in later studies. In particular, Eggers and Hainmueller (2013) and Belmont et al. (2022) document the opposite—members of Congress underperform the market during 2004-2008 and 2012-2020, respectively."
I guess the title of "Congress members suck at trading stocks, but suck less once in leadership positions" was already taken
It's always nice to go back in time and see how people described bubbles in the past.
"Google, which recently surged past $600 a share, is now worth more than I.B.M., a company with eight times the revenue.
"More broadly, Internet start-ups are drawing investment based on their ability to build an audience, not bring in revenue — the very alchemy that many say led to the inflation and bursting of the dot-com bubble."
“'We are almost going back to year 2000 types of errors,' said Aaron Kessler, an Internet analyst at Piper Jaffray. Internet companies 'are buying users instead of revenue and profitability,' he said."
“It’s a screwed-up incentive structure, just like you had in the first bubble”
They're complementary. Parker Solar Probe (PSP) carries a smaller, less capable payload than Solar Orbiter (SO) but it goes closer to the Sun, allowing for direct sampling of the corona. PSP cannot carry cameras for observing the Sun because of how close it gets (heat shield reasons), but SO can. This allows SO to observe the Sun's corona on a large scale, while PSP can validate those measurements with local sample collection.
"Earlier studies of lawmakers’ trading by Ziobrowski et al. (2004 and 2011), found their portfolios to outperform the market. However, this conclusion is reversed in later studies. In particular, Eggers and Hainmueller (2013) and Belmont et al. (2022) document the opposite—members of Congress underperform the market during 2004-2008 and 2012-2020, respectively."
I guess the title of "Congress members suck at trading stocks, but suck less once in leadership positions" was already taken