The "Crazed Pursuit of A Level Playing Field"

"For 30 years, [stock market] regulators have been driving themselves and the markets batty with their crazed pursuit of a "level playing field"—the weird idea that the stock market should be some kind of informational potato-sack race in which all boys and girls have an equal chance to win.

There is no level playing field. Nor does there need to be one for the stock market to be an acceptable place for the public to park its savings. The efficient-markets hypothesis may not be in the best of odors these days, but its signature piece of advice is as good as ever: Stock trading is a mug's game. Use an index fund."


~Holman Jenkins in today's WSJ on the Raj Rajaratnam case.

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The "Crazed Pursuit of A Level Playing Field"

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