Since the start of 2008, the cumulative return to holding the S&P500 between 9.30am and 2pm been -54%. In contrast, the cumulative return to holding the S&P500 between 2pm and 4pm has been +35%.
This has been worked out by those charitable folk at Goldman Sachs. We must suppose, now that they have told us, that their prop desk has decided it no longer behaves like this.
But I believe that this is yet more evidence that a good City lunch, paid for by someone else's shareholders, benefits everyone.