Who were the top stock pickers of 2023?

Politicians…

According to a report just dropped by stock tracker Unusual Whales, high-profile members of Congress beat the stock market by a hefty margin in 2023.

Here are a just a few notable names that raked in record profits from stock trading last year:

  • Former House Speaker Nancy Pelosi, up 65.5%,
  • Senate Minority Leader Mitch McConnell, up 18.1%
  • Rep. Dan Goldman (Democrat), up 52.8 percent%
  • Rep. Dan Crenshaw (Republican), up 38.2 percent%

However, the Congressman who wins the award for the biggest gains from his suspiciously timely trades is Democrat Rep. Brian Higgins from New York…who was up an eye-raising 238.9%!

Here’s what The Washington Examiner reported:

The largest standout was Rep. Brian Higgins (D-NY), who beat the market with 238.9% returns over 2023, nearly 10 times the increase in the S&P 500 index. Right behind him was Rep. Mark Green (R-TN), at 122.2%.

Green defended his stock trading and insisted he has no control over his accounts, revealing a letter to his stockbroker in 2020 that cut him out of decision-making.

“I have no insight into how trades are made, and am only notified after they occur,” Green said in a statement. “In fact, in my first year in Congress, to go above and beyond even the hint of impropriety, I instructed my broker in writing to manage my family’s investments and to disregard any instructions from me should I try to provide input (which I have not).

“I believe firmly that using insider information for personal benefit is a crime that should be strictly enforced,” he added. “All transactions and stocks I own can be viewed online. Using insider information for personal benefit is a crime that should be strictly enforced.”

Take a look at this chart of the top 2023 stock performers in Congress:

As you may have guessed, Democrats raked in the overwhelming majority of profits.

On average, Dems were up 31% versus Republicans 18%.

Keep in mind that SPY was only up 24% in the same time period…

These returns are absolutely insane.

After the crazy report was released yesterday, many voices have called for huge changes to be made to the way Congress members are allowed to trade.

A lot of people, including Republican Sen. Josh Hawley from Missouri, think it should be banned altogether.

The New York Post has more details on the insane returns raked in by members of Congress like Nancy Pelosi and others in 2023:

Nancy Pelosi’s investment portfolio is once again among the top performers on Capitol Hill – and lately she has gotten a major boost from a controversial use of stock options, according to government disclosures.

The 83-year-old, former House speaker – who remains a Democratic congresswoman representing San Francisco – racked up a 65% return on her stocks portfolio in 2023 – more than double the S&P 500’s 24% gain, according to a new analysis from stock-trading data site Unusual Whales.

Pelosi wasn’t alone, with other options-happy members of Congress among the top-performing investors. Those included Rep. Mark Green (R-Tenn.), who logged a return of more than 122%; and Rep. Josh Gottheimer (D-NJ), who was up more than 25%.

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.

Options also could be an indicator an investor has access to inside information, according to ethics watchdogs.

“It’s a sign of quasi-insider trading that’s corrupt and should be banned – it’s either an addiction to risk or a sign of corruption,” Jeff Hauser, founder and director of the Revolving Door Project said.

What do you think should be done?

Should members of Congress be banned from trading individual stocks?

Let us know your thoughts!

So…what do you think?

Fair game or should this stop immediately?

NATIONAL POLL: Should Members of Congress Be BANNED From Trading Stocks?

This is a Guest Post from our friends over at WLTReport.

View the original article here.

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