.... George: “I agree. I mean, the whole goal of the SEC and all these fair-disclosure laws and insider trading rules is to create what they call a ‘level playing field.’ But a level playing field by definition is a playing field with no information in it. The result is that most of the returns in the economy, most of the profits, migrate to the legal insider traders. And the legal inside traders are venture capitalists and private equity companies that are dealing in whole companies — and thus are permitted to have intimate knowledge of every investment they make — and conglomerates like Berkshire Hathaway and General Electric GE +0.72%. Which aren’t truly companies in a usual sense; they’re aggregations of assets that are acquired through intimate inside knowledge. So, most of the returns in the economy go where inside trading and inside knowledge is permitted, and meanwhile the public is pushed to the random walk down Wall Street....
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