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September 23, 2021 01:25 am
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/lGCfS4pPhg8/tiktokers-are-trading-stocks-by-copying-what-members-of-congress-do
TikTokers Are Trading Stocks By Copying What Members of Congress Do
TikTok users are watching financial disclosures of sitting members of Congress to help them determine which stocks to invest in. NPR reports: Among a certain community of individual investors on TikTok, House Speaker Nancy Pelosi's stock trading disclosures are a treasure trove. "Shouts out to Nancy Pelosi, the stock market's biggest whale," said user 'ceowatchlist.' Another said, "I've come to the conclusion that Nancy Pelosi is a psychic," while adding that she is the "queen of investing." "She knew," declared Chris Josephs, analyzing a particular trade in Pelosi's financial disclosures. "And you would have known if you had followed her portfolio." Last year, Josephs noticed that the trades, actually made by Pelosi's investor husband and merely disclosed by the speaker, were performing well. Josephs is the co-founder of a company called Iris, which shows other people's stock trades. In the past year and a half, he has been taking advantage of a law called the Stock Act, which requires lawmakers to disclose stock trades and those of their spouses within 45 days. Now on Josephs' social investing platform, you can get a push notification every time Pelosi's stock trading disclosures are released. He is personally investing when he sees which stocks are picked: "I'm at the point where if you can't beat them, join them," Josephs told NPR, adding that if he sees trades on her disclosures, "I typically do buy... the next one she does, I'm going to buy." The report notes that Senate and House members have already filed more than 4,000 financial trading disclosures this year, with at least $315 million of stocks and bonds bought or sold. "That's according to Tim Carambat, who in 2020 created and now maintains two public databases of lawmaker financial transactions -- House Stock Watcher and Senate Stock Watcher," reports NPR. "He says there is a significant following for his work," reports NPR.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/lGCfS4pPhg8/tiktokers-are-trading-stocks-by-copying-what-members-of-congress-do
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