Central Markets by Robert Lloyd, CFA

The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the  information cannot be guaranteed. All opinions and outlooks are subject to change.

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  • Robert Lloyd, CFA

Disappointing, to say the least.

Insider trading laws apply to all equally, but some are more equal than others.



2 Fed regional presidents resigned in disgrace for trading their portfolios during the pandemic and emergency Fed policy implementation. (But they'll keep all their gains, I'm sure.)


It seems quaint that politicians once used blind trusts to manage their affairs when in office. I guess those days are long past. I hear there is a Tic Tok channel that follows Congressional trading patterns, but I'm not on Tic Tok. Maybe I should be.


In my book, Central Markets, I spent quite a bit of time on insider trading and why it is one of many factors explaining why active managers underperform. There has been a lot of academic work on insider trading. Here are some great papers on the topic if you are interested.


Corporate Governance and the Information Content of Insider Trades (upenn.edu)

https://repository.upenn.edu/cgi/viewcontent.cgi?article=1111&context=accounting_papers


Congressional Insider Trading: An Analysis of the Personal Common Stock Transactions of U.S. Senators (claremont.edu)

https://scholarship.claremont.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1110&context=cmc_theses


Here's my book Central Markets.

https://www.amazon.com/Central-Markets-Impact-Investing-Retirement/dp/1979801916/ref=sr_1_1?dchild=1&keywords=Central+markets+robert+lloyd&qid=1632843184&s=books&sr=1-1



Robert Lloyd, CFA®

Chief Investment Officer

Lloyds Intrepid Wealth Management

Lloyds Intrepid LLC is doing business as Lloyds Intrepid Wealth Management. Lloyds Intrepid LLC offers investment advisory services in the State of Texas where registered and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. Lloyds Intrepid LLC and its advisers do not provide legal, tax or accounting advice. Lloyds Intrepid LLC formulates retirement plans, investment strategies, portfolio construction and investment due diligence for clients with signed investment advisory agreements with us. The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the information cannot be guaranteed. All opinions and outlooks are subject to change.


© 2021 Lloyds Intrepid LLC

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