Jamison First

Main Menu

  • Home
  • Investments
  • Portfolio management
  • Wall street bets
  • Market watch
  • Capital

Jamison First

Header Banner

Jamison First

  • Home
  • Investments
  • Portfolio management
  • Wall street bets
  • Market watch
  • Capital
Wall street bets
Home›Wall street bets›WallStreetBets founder launches new fund that mimics Nancy Pelosi’s stock trades

WallStreetBets founder launches new fund that mimics Nancy Pelosi’s stock trades

By Sue Norton
March 8, 2022
0
0

The founder of the WallStreetBets Reddit board that helped spark the meme stocks phenomenon is now offering a product that lets people invest like a certain congressman.

You could call it the “If you can’t beat them, join them” fund. Called the “insider wallet,” the product mimics the stock trades of House Speaker Nancy Pelosi and her husband, Paul.

When publicly available data discloses a stock trade made by the couple, the fund will make the same trade, giving ordinary people the opportunity to “share the wealth”, says Jaime Rogozinski.

The Pelosis have won about $30 million from betting on the Big Tech companies that Pelosi is responsible for regulating, according to previous analysis by The Post.

Certainly a wary buyer, Rogozinski’s bid, which isn’t exactly in the mainstream of Wall Street with its listing on an obscure exchange called MERJ based in the Seychelles.

The product focuses solely on stocks and does not include any of the Pelosi investments which rely on more complex financial instruments, such as call options. It will track transactions on the publicly available database compiled by another company, Unusual Whales.

Nancy and Paul Pelosi have made big bets on tech stocks even as the Speaker of the House is expected to regulate big tech companies.
JUSTIN TALIS
The Congressional Stock Ownership Prohibition Act has gained traction in DC.
Drew Angerer/Getty Images

The insider wallet will initially trade for $1 per share and will only be available to investors using the WallStreetBets app, which is not associated with the Reddit forum of the same name.

“There’s no question that Capitol Hill is home to some of the best investment minds of our generation,” Rogozinski told the Post, wryly. “Now not just Americans, but the entire global community can look to our national leadership for unparalleled investment advice.”

Some congressional watchers have said the fund could increase visibility on the issue of officials making money off of inside information.

Jaime Rogozinski
Jaime Rogozinski, who founded r/wallstreetbets, says he wants to “share the wealth around” by making Congressional stock market data available to everyone.

“If being in Congress is a full-time job, and fundraising to stay in Congress and climb the ranks is a tough second job, it seems unlikely that members of Congress can outperform Wall Street investors working 100-hour shifts. week without relying on insider information,” Jeff Hauser, founder and director of the Revolving Door Project, which examines money in politics, told the Post.

Members of Congress and their stock transactions are under increasing scrutiny. Several bills prohibiting stock trading to varying degrees are pending.

A bill that has gained popularity on both sides of the aisle, the Congressional Stock Ownership Ban Act by Sen. Elizabeth Warren (D-Mass.) and Sen. Steve Daines (R- Mont.) Would not only ban members of Congress and their spouses from trading in stocks and require them to place their assets in a blind trust — like another popular Democratic proposal. It would also force them to sell all of their individual shares, sources familiar with the bill told The Post.

The flurry of bills came after Pelosi championed rules that allow members of Congress to hold individual stocks, allaying concerns about lawmakers using inside information to mine their wallets.

In December, the liberal congresswoman for San Francisco said lawmakers should be able to hold stocks because the United States is a “free market economy.”

Related posts:

  1. US STOCKS-Wall Street on track to break 3-day losing streak as tech stocks rise
  2. ETF Wrap: Bitcoin miner or gold miner? Here’s where Wall Street winners put their bets
  3. Robinhood allows users to buy IPOs
  4. Church took part in the GameStop and Tesla craze, security deposits show

Categories

  • Capital
  • Investments
  • Market watch
  • Portfolio management
  • Wall street bets

Recent Posts

  • ‘Diamond Hands: The Legend of WallStreetBets’ Review: Is It a Loss?
  • JD.com stock soars after big profits and revenue
  • Should your business invest in crypto?
  • A $100 Billion Descent: Soaring Defaults Shrink Asia’s Junk Bond Market
  • Online investors say forum culture is misunderstood
  • Privacy Policy
  • Terms and Conditions