There is fairly unambiguous evidence, instead, that insiders make above average returns. One disturbing example is that members of Congress, who often gain access to inside information about a company while they are lobbied and who have some ability to influence the fate of companies through legislation, return a profit on their investments that beats market averages by 5 to 10 percent per year, a remarkable rate that would make even Bernie Madoff blush.
N. Silver, The Signal and the Noise (2012), 342
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