Abstract: Even after controlling for income, wealth, education, and various other factors, our results show that stock market participation is strongly associated with right-wing political preferences in three different datasets. This result is consistent with the idea that personal values are a factor in important economic choices. However, a natural experiment allows us to clearly identify reverse causality from stock market participation to political preferences in the spirit of Biais and Perotti (2002): Local telecom demutualizations, which created a large number of involuntary stock market investors, increased right-wing voting in the relevant areas.