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Informationen zum Autor ERIC T. SINGER manages the Congressional Effect Fund, traded under the symbol CEFFX (CEFIX for institutional investors), a public mutual fund launched in 2008 through his registered investment advisor, Congressional Effect Management, LLC (www.congressionaleffect.com). He was the first to document the general effect of Congress on daily stock prices in an article published in Barron's in 1992. His opinion pieces have appeared in Investor's Business Daily as well as Forbes, the American Spectator, American Thinker, Townhall, Seeking Alpha , and Newsmax , and he has been featured on national TV and radio, including Fox Business News and Bloomberg TV. Klappentext Praise for Trade the Congressional Effect "Once in a while, an idea, a small gem, comes along that reflects the whole world. Singer's book is it, a thesis to live from, learn from, and make money from. Singer provides that which we all long for: a way to make money from political insight." --Amity Shlaes , author, The Forgotten Man "Thanks to Mark Twain, we know that nobody's 'life, liberty, or property is safe while the legislature is in session.' Now, thanks to Eric Singer, we know why, and what to do about it. In these pages, he admirably succeeds in the important task he has set for himself. To wit: how to protect yourself, and your net worth, from the depredations of Congress. " --James Grant , Editor of Grant's Interest Rate Observer "The author's straightforward idea--that Congress harms wealth creation--provides many insights into politics, the economy, and investing. Trade the Congressional Effect will appeal to serious investors, as well as policy wonks and libertarians ... but it should be taken to heed by the 535 men and women who pass some of their days on Capitol Hill. Some surprising insights--a devastating attack on Modern Portfolio Theory ... a look at what caused the Great Depression ... Congressmen as traders and speculators ... the effect of split governments, lame ducks, and litigated elections on the stock market ... Reading Trade the Congressional Effect will provide much guidance about Congress's 'unintended consequences' that are so persistent, casually dangerous, and impoverishing." --Adrian Day , President, Adrian Day Asset Management Zusammenfassung An innovative investment approach that takes the actions of the U.S. Inhaltsverzeichnis Acknowledgments xi Introduction 1 Our Damaged Economy 2 Congress's Role in Wealth Destruction 8 Summary 9 Notes 10 CHAPTER 1 What Is the Congressional Effect? 13 How Was the Congressional Effect Discovered? 14 Early Returns Showing the Congressional Effect 19 The Smoot-Hawley Act: The Mother of All Congressional Effects 23 The Congressional Effect Data and Launching a Mutual Fund 24 Summary 26 Notes 26 CHAPTER 2 The Congressional Effect and the Limits of Modern Portfolio Theory 27 How MPT Has Been Used by Financial Advisers 30 Formulas Distort Valuation if Inputs Are Not Free Market Inputs 33 What Caused the Crash of 1987? 36 The Magnitude of the Crash of 1987 Refutes MPT 38 MPT Assumes All Daily Pricing Is Random, but the Congressional Effect Shows It Is Not 39 Summary 41 Notes 42 CHAPTER 3 Congressmen as Issues Entrepreneurs 43 The Time-Money-Vote Continuum: Congress as a Business 44 Congressmen as Traders and Real Estate Entrepreneurs: Making Money Outside Their Day Gig 54 Summary 57 Notes 58 CHAPTER 4 Behavioral Finance, the Stock Market, and Congressional Dysfunction 59 Overview of Behavioral Finance Concepts 60 Survey of Behavioral Finance Concepts 61 Congress's App...
