Former House Speaker Nancy Pelosi of California has seen a remarkable 65% profit on her stock trading portfolio last year.
At least according to an analysis done by Unusual Whales of House of Representatives members’ financial disclosure records. Pelosi, other options-happy members of Congress among the top-performing investors.
“Pelosi wasn’t alone, with other members of Congress among the top-performing investors in the stock market last year,” the New York Post reports.
“Unlike buying individual stocks, options allow for more leverage, which means more exposure to a stock and a greater reward if a bet is right,” the Post noted. “Options also could be an indicator an investor has access to inside information, according to ethics watchdogs.”
Pelosi and her husband have long profited significantly from trading options contracts.
Pelosi’s 2023 returns stand in stark contrast to 2022, when her portfolio dropped 19.8% — worse than the 18.2% decline in the ETF that tracks the S&P 500, according to the 100-page report by Unusual Whales. At the time, her portfolio took a major hit after they sold 25,000 shares of Nvidia at an average price point of $165.05 a share.
Something Seems Fishy
People are concerned about the timing, and the potential use of inside information by members of Congress regarding stock trading. Pelosi bet millions on $NVDA in November using call options, disclosed quietly before Christmas weekend to avoid media coverage.
Jeff Hauser, the director of the Revolving Door Project, called it ‘corrupt’ and repeated calls for a ban on stock trading by members of Congress.
When Pelosi was asked in 2022 about whether or not members of Congress should be prohibited from the stock market, she replied, “We are a free market economy. Congress should be able to participate in that.”
Now is the time to support and share the sources you trust.
The Political Insider ranks #3 on Feedspot’s “100 Best Political Blogs and Websites.”