Friday, February 23, 2024

Nancy Pelosi, Formerly Most Powerful Member Of Congress, Hit A Mini-Jackpot In Nvidia (NVDA)

As noted on January 24:

"Nancy Pelosi Made $500,000 From Her Nvidia (NASDAQ: NVDA) Bet, Doubling Her Annual Government Salary In Just 2 Months"
The former Speaker of the House is a really good trader but does not compare with Hillary Clinton when it comes down to percentage gains.*

But after this week's action she is approaching Madame Secretary of State Clinton's $1000 to $100,000 run in cattle futures.

We've been checking in on her prowess for years. Here's a post from 2011:

"Is there a major news organization investigating the financial investments of House Democratic Leader Nancy Pelosi and House Speaker John Boehner?" 

Which was followed, five days later, by:
Follow-up: "60 Minutes Expected to Air Investigation of Pelosi Stock Investments"

And many, many more. Here's one from July 26, 2022:
Sen. Warner: Chips bill needs to be on President Biden’s desk before Paul Pelosi's calls expire

Fāke™ news! Fāke™ news! I don't know if Mr. Pelosi bought Nvidia common or derivatives.* Fāke™ news!

And what the Senator from Virginia—not to be confused with the other Senator from Virginia, quick, name Hillary Clinton's running mate in 2016—what the Senator actually said was:

"Chips bill needs to be on President Biden’s desk ‘before August’"

That was on July 19 at Yahoo Finance.

Here's the latest on the bill, also at Yahoo, July 26 (a good overview):

*Actually I do know, I just looked it up. He exercised 200 NVDA calls before his wife, the Speaker of the House of Representative, second-in-line, behind the Vice President, to the Presidency of the United States, probably the most  powerful politician in all the land, before Nancy announced the CHIPS Act was coming to the floor for a vote.

On June 17 Mr. Pelosi exercised call options on 20,000 shares of Nvidia. Details on the strike price and expiration date not required on the disclosure form so not given.

The stock closed at $158.80 that day. Today it is changing hands at $166.20 down $4.04 (-2.37%) after getting as high as $181.44 on July 21.

According to The Hill, in 2020, a tricky year for investors with the big drawdown and then the big rally, Mr. Pelosi outperformed the S&P 500 by 14.3 percent.

And that's not Fāke™ news.

(and although mindful of the words of Pope Francis—"Media That Focus on Scandals and Spread Fake News to Smear Politicians Risk Becoming Like People Who Have a Morbid Fascination with Excrement"—this funky little blog isn't really media, is it?)

Although Nvidia hasn't benefited from the now enacted CHIPS Act—in fact probably the opposite—we'll be looking at a couple companies that did, next week.

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