As more Americans become aware of the astounding — and many say suspicious — success that House Speaker Nancy Pelosi (D-CA) and her husband Paul have had in the stock market over the past several years, their unusual level of market prowess has attracted a noteworthy online following, with novice investors looking to mimic their moves, as The Epoch Times reports.
The trend of monitoring Pelosi’s market actions took root amid recent news reports detailing the manner in which the Pelosis have generated upwards of $30 million in profits by trading in the stocks of tech firms the California lawmaker plays a significant role in regulating.
As the New York Post notes, just last month, Pelosi revealed that she and her husband took advantage of the chance to purchase millions of dollars worth of call options for Salesforce, Google, Roblox, and Micron Technology, even amid allegations that she has dragged her feet regarding demands to curtail the power of Big Tech.
With such staggering — and seemingly unlikely — wins on the Pelosi family ledger, it is not surprising that amateur investors on platforms such as Twitter, TikTok, Reddit, and YouTube have produced an investment meme credited for boosting search traffic on the topic of “Pelosi stock trades” and similar phrases, conducted by countless individuals looking to experience even a small degree of the speaker’s good fortune.
It is thought by many of those who participate in these online conversations and analysis that simply by copying what the Pelosis do, they might also achieve impressive, market-beating returns, which in the case of the speaker’s family, have reportedly amounted to 45.59% on stocks and 66.7% on options, the Times reported.
Spurred in significant part by Pelosi’s astonishing success in trading, earlier this month a group of nearly 30 House members demanded action from Pelosi as well as Minority Leader Kevin McCarthy (R-CA) in the form of legislation banning congresspeople from participating in the stock market so as to prevent what some believe is the appearance or perhaps even the reality of insider trading, as The Hill noted.
In a letter sent to leaders of the lower chamber, the lawmakers declared, “There is no reason that members of Congress need to be allowed to trade stocks when we should be focused on doing our jobs and serving our constituents.”
The group, led by Rep. Jared Golden (D-ME) continued, “Perhaps this means some of our colleagues will miss out on lucrative investment opportunities. We don’t care. We came to Congress to serve our country, not turn a quick buck.”
The push in the House for reform in this realm came after Pelosi seemed to relax her prior opposition to attempts to limit stock trading somewhat, saying, “To give a blanket attitude of we can’t do this and we can’t do that, because we can’t be trusted, I just don’t buy into that. But if members want to do that, I’m OK with that,” she said.