If you only measure median performance as this is doing, do any group of individuals' stock trades beat the market? I'd expect most of the alpha to come not from the median transaction but from a few well timed buys or sales.

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lesuorac an hour ago | parent | next [-]

It’s also not the market. It’s a SNP comparison.

But at the same time, if I buy a bunch of NVDA stock and lobby congress to loosen export rules and fail then I’ll have a bad return but its still not behavior we want.

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throooooo an hour ago | parent [-]

What is SNP? S&P, as in Standard and Poor's?

	▲	jurf an hour ago \| parent [-]
		S ’n’ P, I guess

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kennywinker 2 hours ago | parent | prev | next [-]

From the discussion section:

> It does not show that no member ever trades on what they know: a few well-timed trades can hide inside thousands of ordinary ones, and this test looks at the typical trade, not the best one.

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wodenokoto an hour ago | parent | prev [-]

But if you look at the well timed transactions and compare that to the market then … the market will beat the market.