correct, i didnt read it. However, (the industry overall was more closely divided at 53-45) this is what I was referring to. You can slice and dice segments of wall street if you want.
Whereas the actual traders (hedge funds) largely favored the Democrats, the "greater securities/investments community" would, therefore, largely represent the brokers and investment bankers. Not exactly the traders you refer to in your thread.
Let's stipulate that Buffet and Soros are both liberals. Let's also stipulate that at least Buffet (and perhaps Soros, I wouldn't know) believe that capital gains should be raised, estate taxes raised, taxes on dividends raised. Let's also stipulate that a majority of hedge fund managers may have contributed to the Democrats, and at least some of the contributors may want to see capital gains taxes raised, estate taxes raised, dividend taxes raised, etc. Is there anyone who doesn't believe that increasing capital gains tax, and dividend taxes hurts the stock market? If so, I got a bridge to sell you. If you're Soros or Buffet, you old, made billions, and in the process of giving it all away. Maybe you could care less about tax policy. You're above it all. After reading Buffet or Soros ideas on politics, I'd hate to have either of them be the standard for what is good policy and what is bad policy. OldTrader
Thank you for all of your stipulations. Perhaps we can agree to add one more. While some traders may have gotten rich because they were lucky, we can probably agree that Buffett and Soros got rich because they were smart. If we can also assume that the average hedge fund manager is brighter than the average ET poster, then perhaps we can agree that maybe Buffett, Soros and these other hedge fund guys see a bigger picture than the rest of us here at ET do. Just maybe.
Thunderdog, I think what this article is trying to say is these hedge funds people who have made so much money and benefit from low taxes by republicans, enjoy the reward of those low taxes to become bigger and more profitable. Now that they are bigger and more profitable, they can be more truthful about thier ideologies that are more alligned with democrats, but with the comfort of knowing they are wealthy. Now they can support the "fair" share of taxes that will be taken from them because they maintain their high wealth even after they pay bigger taxes. But to grow so profitable as they did, they needed the tax cuts of the republicans in the start up phase. This is how I interpret this article. Very good article!
The success these guys have had in investments and trading no doubt means they were smart at investments and trading. It says nothing about their knowledge about tax policy, or indeed, economics. I'm surprised you would make a statement of that type. Perhaps you would stipulate that we can probably trot out some smart, successful traders who think raising capital gains taxes, taxes on dividends, and estate taxes is a poor idea. OldTrader
In my defense of traders who support the Democrats, I refer to the Democrats' entire platform. The good with the not so good, because it is perhaps better than the alternative in the aggregate. Also, I think that the people who have made such outsized returns over a substantial period of time can safely be credited with more than just trading smarts. Of course, that may just be my personal bias.
I'm glad you enjoyed the article. However, I'm not sure how you walked away with that conclusion. Perhaps your inference is correct, as I'm sure many ETers would agree. However, I saw no such allusion in the article itself. Therefore, I think your conclusion is safely your own (and that of many other ETers ).
Markets are also much more efficient today, so the edge the old heroes of trading enjoyed is much more difficult to attain nowadays. You really need to have some foresight like hedge fund manager John Paulson last year. The electronic markets make the marketplace itself much more a level playing field, and to find the "edge" it pays to think more systemic and outside of the normal trading parameters.
This is my point exactly, thanks for making it. I'll take the industry overall over just the hedgies.