Strange, they are usually so good at investing...

http://online.wsj.com/article/SB118463122029268294.html?mod=rss_Deals_and_Deal_Makers
(subscription req. I think)

Private Equity firms are good at looking for value (they want to invest in assets that others have undervalued for whatever reason...). But in Congress, buying a stock (or a Committee ranking member) when it is down doesn't work all that well. In Congress, you pay for growth (and yes, if majorities switch, you get caught with a lot of useless friends...but investors need long time horizons. Lobbying is all about making quick moves with money (and other assets) to make tactical moves. So maybe the investing industry should leave the lobbying to the hedge funds...

I am not convinced that the study is methodologically appropriate, btw -- they are comparing presidential fundraising and congressional fund raising, which is problematic. But if it is true, it also illuminates a further problem with the industry's position on the tax status of carried interest -- the industry would like everyone to just stop talking about this so they can go back to doing what they do best. But politicians are naturally advocates and activists (even conservatives) -- it is hard to lobby them (even if they are your natural allies) to keep their mouths shut...