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> Somehow, the collective portfolios of US representatives manage to greatly outperform the stock market indexes.

I would totally believe this. Do you have a source?

For example: "Trading on Private Information: Evidence from Members of Congress" (2016) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2712297

EDIT: Also "Abnormal Returns From the Common Stock Investments of Members of the U.S. House of Representatives" (2011) https://www.cambridge.org/core/journals/business-and-politic...